Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

CREDIT REPORT SERVICES AND ONLINE EXPERT HELP ARE FULLY OPERATIONAL - PHONE LINES ARE CLOSEDCOVID-19 STATUS

ONLINE SERVICES FULLY OPERATIONAL
PHONE LINES ARE CLOSEDCOVID-19 STATUS

Bank of England indicates massive increase in inflation for 2017

Posted by Neil Greenhill in Banking on 7 November 2016 - Neil is a Senior Credit Analyst at checkmyfile

The Bank of England has reassessed its 2017 inflation forecast in the wake of Brexit and increased its prediction to triple the current rate of inflation. The UK’s central bank now expects the rate of inflation to reach 2.7% next year, whereas the current level stands at 1%.

The dramatic increase in inflation is blamed on the slide in the value of the pound, which makes the price of imported goods more expensive. The Bank of England aims to keep inflation at around 2%, however after the predicted increases in 2017 it does not expect inflation to return to this level until 2020. Despite the Bank predicting a significant rise, others are suggesting that inflation may reach even higher levels. Earlier this week the National Institute for Economic and Social Research warned that inflation could reach 4% in the latter stages of 2017 with a rapid acceleration throughout the year as the cost of the falling pound is passed onto consumers by retailers.

Following its prediction of much higher inflation, the Bank of England warned that this could affect future decisions on where to set the interest rate. Increased inflation is traditionally reduced by increasing interest rates (which takes money out of the economy stemming price increases). In particular the Bank stated “there are limits to the extent to which above-target inflation can be tolerated”, indicating that should inflation increase too far the bank may have to act by increasing interest rates.

For the present, interest rates were left unchanged at 0.25%. Previous guidance issue in August indicated the Bank was ready to cut interest rates further if the economy had worsened, however the bank has now said this guidance has expired.

Reflecting that the immediate effect of Brexit has not been as dramatic as previously believed, the Bank of England increased its forecast for growth in the UK economy during 2017 from its earlier prediction of 0.8% to 1.4%. However, it simultaneously reduced its forecast for growth in 2018 to 1.5% down from 1.8%.

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Paying late could cost you more than a £12 charge

So called ‘stealth charges’ are relics from before the 2008 financial crisis and didn’t just catch consumers unaware with surprise payments but also represented a total lack of transparency between customers and their banks. The Office of Fair Trading ruled that the fees were unlawful, after having brought a test case against the biggest banks at the time: Abbey National, Barclays, Clydesdale, Halifax, Bank of Scotland, HSBC, Lloyds, Nationwide, NatWest, and Royal Bank of Scotland.

Published on 2 Jan 2020 by Richard Catlin

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Hey Google, what’s my bank balance?

Personal finance and financial services are hurtling into the future at a ferocious pace. Google is the latest tech giant looking to take another sideways step into fintech, via a new collaboration with Citigroup. At some point during 2020, it’s rumoured that Google is planning to begin offering the capability to access current accounts through Google Pay. In theory this presents the ability to view and manage your bank account using a Google app – something not previously possible.

Published on 4 Dec 2019 by Andrew Brown

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How does an overdraft affect your Credit Report?

An overdraft can either be a financial lifeline, or something of a millstone. Which side of that fence you fall probably depends on how much of that usage is pre-planned.

Published on 5 Jul 2019 by Andrew Brown

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A Cautionary Tale About Switching Banks

Switching current account providers is incredibly easy these days – and I can vouch for that from recent personal experience. But experiencing the process first hand has also served as a reminder that it’s not completely flawless and that if you don’t pay attention, your Credit Rating could take a hit – even if it’s a temporary one.

Published on 19 Dec 2018 by Richard Catlin

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Your Credit Rating Vs A Country's: What's The Difference?

Professor Edward Altman first published the Altman Z-score formula in 1968 to evaluate the likelihood of a businesses going bust within two years. The legacy of this system lives on, with the fundamental basics of his score helping to shape the Credit Scoring systems we use today - whether that’s a simple application for car finance or assessing the economic strength of an entire nation.

Published on 13 Dec 2018 by Beth Jennings

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Final PPI claim deadline pushed back even further

Let’s be honest, we almost all know someone who has claimed for PPI. You may have even done it yourself. If you aren’t aware of anyone you know claiming for PPI, you would still know of its existence, as the adverts for claims firms seem to populate every TV channel and radio station with advertising space.

Published on 4 Jan 2017 by Ben Tumilty

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Banks not going far enough to combat fraud

Banks have been warned that they must start to do more to tackle scams where people are tricked into transferring money to a fraudster’s account. The Payment Systems Regulator (PSR) has stated this in a response to a “super complaint” lodged by the consumer group Which? but the Regulator did stop short of suggesting that the banks should compensate customers who had lost out.

Published on 21 Dec 2016 by Erika Bone

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Lloyds Acquire MBNA in £1.9bn Deal

Signalling a return to strength and in the organisation’s first acquisition since the 2008 global financial crisis when they purchased HBOS, Lloyds Bank is to buy credit card firm MBNA from Bank of America in a £1.9bn deal.

Published on 20 Dec 2016 by Tom Magor

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Mortgages through your mobile

Mobile bank provider Atom are launching the UK’s first mobile mortgage app. Applications for a mortgage often involve mountains of paperwork and Atom’s mortgage app is designed at reducing the volume of paperwork that applicants have to gather when applying for a mortgage.

Published on 8 Dec 2016 by Ben Ryland

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Compensation Scheme Limit Increases Due to Financial Uncertainty

The compensation limit for consumers who would lose out financially in the event of their bank collapsing has been increased back up to £85,000, which is where it was in July 2015.

Published on 23 Nov 2016 by Kevin Pearce

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