UK Credit Monitoring Market Report 2023

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.

Credit Monitoring Services Market – Current Landscape

With rising inflation fueling more anxiety among consumers, use of credit monitoring services remains high. The cost-of-living crisis has highlighted the importance of credit monitoring services, and 63% of adults said they checked their credit score in 2022.

Despite the continuing popularity of credit monitoring services, more than a third of adults never check their credit score. Brands and companies can do more to engage these consumers, and dispel persisting myths around credit monitoring and reports.

Credit Monitoring Market – Consumer Trends

Credit monitoring services are hugely popular due to the convenience they offer. Consumers can use them to easily check their credit scores for free, and even gain a better understanding of how it can be improved.

Despite their popularity, more than a third of adults never check their credit scores. A lack of need for credit is the top barrier to use. Moreover, certain myths about credit reporting exist and may limit the usage of credit monitoring services.

Consumer Beliefs and Attitudes

• 32% of adults wrongly believe that checking their credit reports can damage their scores, rising to 42% among Gen Z.
• Almost half of those who never check their credit score cite a lack of need for credit as the main reason.
• 37% of Gen Zs who have never checked their credit score don’t know how.

Opportunities in the Credit Monitoring Market

While certain misconceptions about credit monitoring are likely to limit the usage of services to an extent, they also present an opportunity for companies. Educating consumers, especially younger ones, should continue to be a focus for providers to increase understanding of credit monitoring and boost use of their services.

In order to further broaden their consumer base, credit monitoring providers should encourage more non-users to take advantage of their services. Brands should focus on highlighting that their services can have a broader role and provide a gateway to financial wellness.

Read on to discover more about our UK Credit Monitoring Market Report 2023, read our UK Credit Cards Market Report, or take a look at all of our financial services market research.

Quickly Understand

• The frequency of checking credit scores among consumers, and how this has changed compared to 2020, 2018 and 2016.
• Awareness and use of main brands in the market.
• Reasons to check credit scores.
• Barriers to using credit monitoring services.
• Understanding of credit monitoring services.

Popular Brands Covered in this Report

Experian/CreditExpert, ClearScore, Credit Karma, Equifax, MoneySavingExpert’s Credit Club, UK Credit Ratings, TotallyMoney, CheckMyFile, CreditWise from Capital One.

Expert Analysis from a Financial Services Specialists

This report, written by Stefania Apostol, 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.

Amid a challenging economic climate, some consumers are worrying about their credit scores as many are seeing their household budgets squeezed. This could further boost engagement with credit monitoring services. However, myths about credit scores and reports continue to persist, and providers should continue to focus on tackling these to improve consumer knowledge and boost engagement.

Stefania Apostol
Senior Financial Services Analyst