How are we helping customers navigate the rising cost of living?
"A credit score is like a financial MOT. It can determine how likely – or unlikely – someone is to have their loan application accepted before they apply. "
Our credit score checker gives customers control of their financial future
There’s a harmful misconception many people have that checking on your credit score can actually negatively affect your credit rating. We’re aiming to dispel this myth. Customers can quickly and efficiently access their credit score in their banking app.
Powered by TransUnion, over four million customers are already registered for the credit score service, benefitting from useful hints and tips designed to help people improve their scores over time. Almost 20,000 customers using the tool have been directed to additional support based on their current score.
If we see a customer’s score go down significantly this could be an indicator that they are facing some financial difficulty, and so we can help find a tailor-made solution to their financial problems.
A credit score is like a financial MOT, giving customers a holistic view of their current financial situation. Crucially, it can determine how likely – or unlikely – someone is to have their credit card or loan application accepted before they apply.
The tool itself gives people hints and tips about how to improve their score. While it might not save money in the short term it’s helpful for customers to have an overall picture of how healthy their financial prospects look, should they want to buy a house or take out a loan further down the line.
Cutting down on unnecessary spending with our subscription checker
Our in-app subscription checker means that customers can see all of their direct debits and standing orders in one space. Almost 3 million subscription payments have been stopped as a result of customers using the service since summer 2021, as households look to take control of their household spend.
"Since launching our cost of living hub in July, we’ve seen over 400,000 customer visits."
Help for mortgage customers
We have a range of products for customers coming to the end of their term who may be worried about higher interest rates to help set a mortgage rate for a period that meets their need.
Our specially trained colleagues are on hand for customers struggling to pay their mortgage and can look at options including reduced payments, changing the term and product changes.
We’ve already proactively written to around 220,000 mortgage customers, and we’ll be calling 30,000 customers on our Standard Variable Rate over the coming weeks to provide support to them if they want to reduce the cost of their monthly mortgage payments.
As well as all the ways we are supporting our customers, we also have a range of charities and organisations we work with who can offer free, help and guidance.
Lloyds Banking Group has pledged to donate £2 million spread across 2022 and 2023 to StepChange Debt Charity, to help support its work providing free advice and practical solutions based on an individual’s situation.
Supporting customers when they need it most
The months ahead aren’t going to be easy for the majority of UK families. Whether it’s in app, over the phone or in person, we’re on hand to support customers and to make sure that those who are most at risk of getting into financial difficulty have access to the help that they need.
Chief Executive Officer, Consumer Lending
Jas is Chief Executive Officer, Consumer Lending, our centre of excellence for lending propositions, both for customers who bank with us directly and through intermediaries.
Jas has worked at Lloyds Banking Group for 16 years and has held a number of roles across the Group’s Consumer and Small Business businesses. His previous experience was in consulting roles, based in the US and across Europe, with a range of corporate strategy and digital design consulting projects across multiple industry sectors.
Jas was awarded an OBE for his contribution to financial services during COVID-19.
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