Nationwide has introduced a free credit score service that provides customers easy access to their credit rating.
The launch of the new widget, which customers can access via online banking or in the Nationwide app, forms part of the building society’s wider commitment to helping customers improve their financial health.
Research* from the Financial Conduct Authority (FCA) highlights the most common reasons cited for obtaining a credit report or score were getting an overall idea of their financial situation (66%) and curiosity (41%). One in five (20%) used it to check eligibility for credit.
The research also found that understanding remains a challenge, with fewer than two in five (39%) people who checked their credit report or score saying they understood it well, while around one in ten (9%) don’t understand it at all.
The new service, which aims to address any confusion, has been designed to help customers stay informed about their financial health by providing free, easy and secure access to their credit score without affecting their credit rating. Users will also be able to see what factors influence their score, making it easier to understand what this means and how it can affect key financial decisions.
David Gordon, Chief Product Owner at Nationwide, said: “We know that for some people credit scores are notoriously difficult to understand and we want to help with that. Investing in our digital services and offering customers a way to bank that suits them is a key priority for us. Our new credit score service has been built to help our customers build financial confidence, improve their financial wellbeing and make more informed decisions about their money.”
The credit score facility will in future incorporate educational materials, giving users the tools and information they need to improve how they manage their finances, enhance their credit score and make more informed decisions about borrowing, saving and managing money.
Nationwide will also use insights from customer research alongside feedback from users to further develop the service and ensure it meets their needs, particularly those people who are vulnerable.
For more information about Nationwide’s banking services, visit: https://www.nationwide.co.uk/ways-to-bank/.
