FICO has announced the updates it would bring into its scoring system. The updated system would place greater emphasis on the debt-income ratio of customers. Experts believe the new system would cause a reduction in credit scores for low-income customers, while those who have been paying off debt quickly may benefit. The system of scoring […]
Author: Akbar Lashari
Development Of A New Cryptocurrency Under Exploration By The Bank Of England
A collaboration between 5 big central banks from around the world would explore the possible creation of a central bank digital currency (CBDC). This digital currency, if created, has the potential to make international settlements much easier. According to reports, central banks around the world have become increasingly interested in the creation of digital assets. […]
Britishers Using Universal Credit Forced To Approach Loan Sharks
StepChange, a debt charity working in the UK, has highlighted how the new welfare system is ill-designed to meet the needs of vulnerable families. The current waiting time to receive the initial benefit under the new program has come under criticism. Unforeseen deductions combined with a major chunk of the benefit going into loan repayment […]
Holiday Spending Catches Up With Britons As Many Resort To Expensive Payday Loans
Around 33% of Britons say they may have spent more than their affordability over the holiday season. Many are now considering opting for expensive credit options to cover everyday expenses. Access to short-term credit has become limited due to stricter rules governing credit card debt in the UK. The exorbitant spending of Christmas holidays was […]
Thousands Of Credit Card Users In UK Face Account Closures As FCA Deadline Expires In February
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CreditRaters.com Find Consumers Back Demand For Short-Term Loan Companies
It may be the season to be jolly, but for many, the festive period comes at a cost: a financial one to be precise. According to the Bank of England, the average household spends £800 more than usual at Christmas. With all the budget excesses, ranging from food and drink to presents, it’s no surprise […]
New Program Aims To Make 11.5 Million Britons Regular Savers By 2030
The program, being launched by Money and Pensions Service (MaPS), aims to improve the financial well-being of millions in the country. The program includes an increased focus on school financial literacy programs and greater access to financial advisory services. Additional funding for the program is expected to come from partners such as banks, corporations, and […]
Wells Fargo Approves £50 Million Loan For Hyde, Establishes Strong Footing In UK Real Estate
The loan would be utilized by the Hyde Housing Association for its 5-year development plan. Other lenders include NatWest, which approved a loan worth £200 million, to be repaid over a 10-year period. The loan marks the first time Wells Fargo has invested in the real estate sector of the UK. Wells Fargo seems to […]
Millennials Have Much Smaller Share In US Housing Market Compared To Older Generations
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California To Possibly Get Its Own Consumer Financial Protection Bureau, According to Reports
The budget presented by Governor Gavin Newsom highlights additional funding for the revamp of the Department of Business Oversight. The DBO may be renamed as the Department of Financial Protection and Innovation (DFPI). Under the renewed department, financial service providers might face additional regulations and regulatory fees, however, many may benefit from an improved regulatory […]