Over 450,000 UK consumers are now using credit builder, Pave, to improve their credit scores and access to credit. User numbers have increased by 13% over the last 12 months.
Pave flags up reliance on credit growing. Some 15% of UK consumers rely on credit to pay everyday expenses such as utility bills and food costs. Households are increasingly searching for ways to unlock more credit options.
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Pave reports that access to credit is declining. It notes that 16% of people say their access to credit has worsened since the pandemic. The figure rises to three in ten (28%) for 18–34-year-olds.
Pave app downloads rise by 11% in 2023 to 600,000
Almost 600,000 people across the UK have downloaded the Pave app. That represents an 11% rise over the past year.
According to Pave, over 90% of its Pave Plus customers who follow Pave’s actions and tips see their credit score improve over six months.
In a UK first, Pave has expanded its app functionality to display both Equifax and TransUnion credit scores to users. This provides users with greater vision of their credit scores. This is in addition to having their credit line reported to all three UK credit agencies. It says that this helps to improve all three of the customers’ credit scores.
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By GlobalDataSho Sugihara, CEO, co-founder, Pave, said: “With reliance on credit spiking but access to loans plummeting, many borrowers are in an impossible situation where they struggle to make ends meet. The Pave app offers a solution for people to regain some control over their finances. It increases their credit scores to ensure they have access to the widest range of affordable credit products possible.
“It’s also vital that lenders ensure they’re doing all they can to not only improve access to credit but also to enhance the support solutions on offer to prevent borrowers from piling up long-term debt. By more effectively utilising data insights into borrower affordability and vulnerability, lenders can identify potential issues. And offer effective support much earlier, ultimately reducing borrower defaults.”
Since launch, Pave has analysed over 150,000 lending decisions, 1.5 million consumer credit reports, and over 500m open banking transactions.
