‘Think twice’: FCA warns 1.5 million Britons wasting money on credit-boosting schemes

‘Think twice’: FCA warns 1.5 million Britons wasting money on credit-boosting schemes

Britain’s financial watchdog has warned that about 1.5 million consumers could be wasting up to £25 each month on ineffective credit-boosting schemes.The Financial Conduct Authority (FCA) found little evidence that these unregulated products deliver on promises to improve credit ratings.The City regulator’s investigation revealed that several firms offering such services failed to show meaningful benefits for customers. After the FCA’s intervent…

FCA issues warning over credit builder products - Credit Connect

New Financial Conduct Authority (FCA) research has warned that people should review and avoid using certain credit builder products. The review looked into credit builder products and the harm that they can cause to consumers, particularly if they are struggling with debt. Credit builder products claim to help people build a record of making payments, which could improve credit history and score. The FCA review focused on specific credit builder…

People should ‘think twice’ before paying for some credit builder products – FCA

People are being urged by the City regulator to “think twice” before paying for some products that claim they could boost their credit score. The Financial Conduct Authority (FCA) said there is “little proof” that some credit builder products would help people improve their credit score or make it easier to get affordable credit. It said people should carefully consider whether products fit their needs and are worth the cost. Credit builder prod…