UK Credit Monitoring Market Report 2024
Credit monitoring firms can increase engagement by focusing on consumer interest in financial wellbeing and data protection.
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the credit monitoring market
- Market dynamics and outlook
- Graph 1: brand used to check credit score within the past two years, 2023
- Graph 2: total estimated share of customers* by credit information supplier, 2022-23
- What consumers want and why
- Graph 3: whether and when people have obtained their credit report and checked their score, 2023
- Graph 4: proportion of adults who have checked their credit report or score in the past year and those who plan to over the coming year, 2023
- Graph 5: agreement with statements about credit scores, personal data and finances, 2023
- Graph 6: consumer credit, mortgage lending and related activities planning to undertake in the next 12 months, 2023
- Innovation and marketing
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Market Dynamics
- Market size
- Supplier market share and distribution partners
- Graph 7: credit reference agencies’ combined estimated share of the credit monitoring market*, 2022-23
- Market drivers
- Graph 8: CPI inflation rate, 2021-23
- Graph 9: consumer credit gross lending, 2014-23
- Graph 10: average monthly quoted interest rates on selected mortgage and credit products, 2019-23
- Graph 11: gross secured lending to individuals, 2014-23
- Graph 12: number of individual insolvencies and breathing spaces registered, 2019-23
- Graph 13: number of fraud cases recorded*, 2019-22
- Regulatory and legislative changes
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What Consumers Want and Why
- Usage of credit monitoring services
- Graph 14: when people last obtained their credit report and checked their score, 2023
- Graph 15: segmentation of adult population by credit checking activity in the past 12 months, 2023
- Brand usage
- Graph 16: brand used to check credit score within the past two years, 2023
- Graph 17: number of companies used check credit score within the past two years, 2023
- Willingness to pay a subscription fee
- Graph 18: amount willing to pay per month for a digital credit monitoring service, 2023
- Most appealing benefits and features
- Graph 19: most appealing features of a digital credit monitoring service, 2023
- Graph 20: features of a credit monitoring service find most appealing, by those planning to check their score/report and willing to pay a fee, 2023
- Attitudes toward credit scores and monitoring services
- Graph 21: agreement with statements about personal financial situation and credit score, 2023
- Graph 22: agreement with statements about personal data and money management technology, 2023
- Common misconceptions about credit scores
- Graph 23: proportion of adults who think statement is true versus those who think it false, 2023
- Borrowing and credit usage intentions
- Graph 24: consumer credit, mortgage lending and related activities planning to undertake in the next 12 months, 2023
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Innovation And Marketing Trends
- Competitive strategies
- Launch activity and innovation
- Advertising and marketing activity
- Graph 25: Above-the-line advertising expenditure on credit monitoring and related services, by advertiser, 2022-23
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Appendix
- Supplementary data
- Report scope and definitions
- Methodology
Discover the latest trends in the credit monitoring industry with our in-depth report. Our UK credit monitoring market report features valuable insight into market trends and consumer behaviour. Use Mintel’s expert credit report market analysis to stay informed and tackle challenges in your industry.
Key Issues Covered in this Report
- Impact of the cost-of-living squeeze on household finances, consumer credit usage and credit scores.
- Size and structure of the market, leading brands and product development.
- Consumer attitudes towards credit scores, and common misconceptions.
- Most appealing features of a credit monitoring service, according to the main demographics.
- Intentions to use, and willingness to pay for, a credit monitoring service.
- Expected borrowing and credit-related activity over the coming year.
Credit Monitoring Services Market – Current Landscape
The market for credit monitoring services has grown in recent years. Awareness and usage of credit monitoring have risen, however there is still room for expand, as 35% of UK adults have never checked their credit score. Credit monitoring services are relied upon by many who are struggling to make ends meet. In the past year, over half of people who described their financial situation as “struggling” used a digital monitoring service to check their credit score in the past year. This was likely in order to view or track their financial situation, but also potentially to seek help. Providers offering extra benefits, such as tips on improving credit scores and budgeting tools, are likely to have added appeal.
- Credit monitoring market share: Experian is still the UK market leader, used by 35% of adults who have checked their credit score in the past two years.
Credit Monitoring Market – Consumer Trends
- Almost two-thirds of adults are willing to pay a fee for credit monitoring services, meaning this is still a market for paid-for services. However, most are only prepared to pay a small amount, i.e. £5 or £10 a month.
- Over two-thirds of adults mistakenly believe checking their credit score too often can adversely affect it. It is therefore important that credit monitoring service providers challenge this misconception wherever possible.
Opportunities in the Credit Monitoring Market
Usage of credit monitoring services has increased in recent years. For providers, the challenge is to grow membership further, while increasing activity and brand loyalty. There is scope to increase usage rates, by persuading more one-off users to sign up to ongoing or monthly subscription services, by demonstrating the benefits of doing so (e.g. maintaining financial wellness, oversight of personal information).
Purchase the full report for a complete analysis of the UK Credit Monitoring Market, including in-depth consumer insights, market statistics and innovation opportunities.
More About this Report
This report focuses on consumer credit monitoring services, which enable individuals to access their credit reference file (or ‘credit report’) and check, track and improve/maintain their credit score. Also including are market statistics for the market’s key players: Experian Ltd, Clear Score Technology Ltd and Credit Karma UK Ltd.
Expert Analysis from a Financial Services Specialists
This report, written by Sarah Hitchcock, a leading analyst in the Financial Services sector, delivers in-depth commentary and analysis to highlight current trends in the UK credit monitoring market and add expert context to the numbers.
Credit monitoring firms can increase engagement by focusing on consumer interest in financial wellbeing and data protection.
Sarah Hitchcock
Associate Consultant – Financial Services
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