News & Views - Savantor

Credit cards and Credit Rating

Friday, 15 March 2013

When it comes to credit ratings there seems to be a lot of confusion over what can and can’t affect it. New research by Confused.com shows how little UK credit card owners really know about their own credit rating. The survey showed that 27% don't know what the term credit rating stands for and possibly not too surprising is that 61% don't know what their own current credit rating is. Meanwhile, 40% say they have never checked their credit rating and 36% have not checked their credit rating in the past 12 months. Some of the other findings were:

·         19% of credit card owners didn't know that missing repayments on your credit card could potentially affect your credit rating. This is despite 20% of credit card owners having missed a payment on their credit card in the past 12 months and 9% having missed more than three payments in the past 12 months.

·         87% didn't know that using your credit card for gambling online could potentially affect your credit rating. Despite this, 11% of credit card owners have used their credit card for online gambling at some point.

·         28% didn't know that multiple applications for a credit card can potentially affect your credit rating. But 7% of credit card owners have previously been rejected for a credit card and applied for another in the space of a few weeks.

The research shows the extent of many credit card owners' confusion, with many believing things to be true when they're not. For example:

·         5% wrongly thought buying alcohol on your credit card can potentially affect your credit rating.

·         30% incorrectly believed your age can potentially affect your credit rating.

·         15% thought giving someone your credit card PIN could potentially affect your credit rating.

Perhaps there’s an opportunity to use credit card statements for something proactive and include some customer education tips to clarify some of these myths.

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Platform Selection & RFP Management

"OP-Pohjola Group has used Savantor in both acquiring and issuing for platform/service provider research, RFI/RFP processes and subsequent contract negotiations. Savantor's approach and commitment have always been very professional and transparent. They have been of great help for the company in providing us important insights and background information beyond vendors sales speeches."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

Collections Transformation

"Savantor did an absolutely superb job for us on the Collections programme. The professionalism, hard work, courtesy and tenacity of their experts is a credit both to the individuals and to Savantor."

Peter O'Dea, Senior Manager - Collections Department - Permanent tsb bank - Ireland

Payments Workshop Material

"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."

Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA

Complex Multi-Country Migration

"This complex migration, undertaken simultaneously in Spain and Portugal, has been a complete success. Savantor has provided us with excellent support for over 3 years, both in the original business transformation programme and now this double migration. We value their open and honest approach to business, and of course the expertise that they bring."

Ricardo Gomez, Director, Operations & Technology - WiZink Bank – Spain & Portugal

Payments Platform Strategy and Sourcing

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with our team and actively contribute. Their experts quickly forged strong working relationships and delivered to our brief. We enjoyed working with them to develop our future platform strategy."

Evert R Fekkes, SVP - Payment & Savings Services - Rabobank Nederland

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Acquirer Transformation

"We needed a programme manager for a complex transformation who also brought a broad understanding to help stakeholders through the change. We have been delighted with the delivery and outcomes from this engagement with Savantor."

Michael Liquornik, Executive Vice President - Neovia Financial - UK

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.