We use a minimal number of cookies to enhance your browsing experience - you can change your settings at any time.
The UK's only Multi Agency Credit Report

Take a FREE 30-day no obligation trial today. Call us on 0800 612 0421 for assistance.

Forgotten Password? Not a Customer? Sign Up

FREE Multi Agency Credit Report

See more than twice the information compared to any other UK Credit Report

Our Credit Report Monitoring service features:

Multi Agency Credit Reports

FREE checkmyfile Credit Scores & Ratings

FREE Identity Theft Assistance

Independent, Impartial, Expert Advice

See your Credit Report FREE

30 Day Trial - Cancel Anytime


More about Multi Agency Credit Reports

Proud to be different

The UK's most detailed online credit report is backed up with outstanding customer service

New storecard rules come into play

Posted in 'Dealing with Debt' by Richard Catlin

01 February 2012

The way that retailers can promote their storecards to shoppers is being changed, aimed at preventing people from getting into unmanageable levels of debt.

The cards have long been criticised for the huge interest rates that they charge on balances, with typical rates around the 30% mark and a Competition Commission investigation back in 2006 estimating that store cards were costing UK consumers around £55m a year too much.

Although some card providers have since reduced the APR that they charge - Topshop currently has a 'representative' APR of 19.9% compared to 29.9% when the commission originally published its report - a large number of cards including Argos and Homebase still have a representative rate of 29.9%.

The government has stopped short of introducing a maximum cap on the APR that store cards can charge, and instead have introduced a number of rules aimed at removing the 'impulse' nature of people signing up to accounts. The main charges are:

  • A ban on special discounts or offers within the first seven days of a card being taken out

  • A ban on staff receiving commission for signing customers up to accounts

  • Improved training for all staff who sell store cards
The government has also announced that it has reached an agreement with Barclays, HSBC, Lloyds, RBS and Santander to introduce a new alerts service for customers who get close to their overdraft limit. Text messages or emails will be sent to help prevent customers going over their limit. As part of the agreement, customers will no longer be charged for going over their limit by a small amount.

If you are struggling with debts – no matter how big or small – and need some help, you can get free, impartial information in our Debt Advice Centre.

You could find that by simply switching a balance to a new card, you could save yourself hundreds of pounds in interest each year.

Richard Catlin

Richard has a degree in Geography from the University of Glamorgan. His long service with us means that Richard can cover any topic relating to credit or identity fraud.

Richard is Marketing Director at checkmyfile.

Related Articles

Changes to bankruptcy rules

From the 1st of October 2015, new legislation surrounding Insolvency will be introduced by the Department of Business, Innovation and Skills. Primarily concerning Debt Relief Orders and Bankruptcy regulations, the changes have been widely supported by both creditor associations and debt relief charities. Andrew Tate of R3, the Insolvency Trade Association, has asserted that the reforms will “help to achieve a better balance between creditors and insolvent individuals” and “individuals struggling with their finances will be able to find a better solution”.

It is rare for Government legislation to get such widespread espousal from disparate factions within an industry, so with this in mind, we need to examine the legislation more clo .....

24 Sep 2015 by

Erika Bone


Dealing with Debt

Full Article

CCJ figures increase in 2015

The number of consumer CCJs have risen by more than 7% in the first half of 2015, according to the Registry Trust’s figures.

The Registry Trust, a non-profit organisation authorised to accumulate judgement data from jurisdictions throughout the UK and Ireland, have produced statistics that show an increase of over 23,000 cases on the totals recorded in the first half of 2014. In total, 369,989 CCJs totalling £801m have been registered in 2015 so far, prompting a third year-on-year increase in a row.

Malcolm Hurlston CBE, Chair of the Registry Trust, commented after the information had been released that, “Recording unmanaged debts through CCJs is vital if we want to ensure that credit ends up in the right hands. The greater .....

15 Sep 2015 by

Erika Bone


Dealing with Debt

Full Article

Households with problem debt increases by a quarter

The number of families experiencing problems with debt grew by a quarter between 2012 and 2014, according to the TUC

10 Sep 2015 by

Kelly Luff


Dealing with Debt

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2015. All Rights Reserved.

United KingdomAustraliaGive Me Credit United States

Customer Feedback