CredAbility App has warned that people’s lack of financial knowledge is not only damaging their access to credit but also impacting the financial choices open to them, after it found that more than a quarter (26%) of the UK had never checked their credit score.

Research by the group, which polled 2,000 people across the UK, also revealed that 49% of the UK don’t know their credit score, with around 13% admitting that they need help understanding the point of a credit score.

CredAbility App, which enables people across the UK improve their credit scores every month alongside access to a free weekly credit report, suggested that those over the age of 65, were more than twice as likely than Gen Z to have never checked their credit score.

Credit score expert at CredAbility App, Lexi Burgess, said that the findings revealed how “the UK is lacking financial knowledge”.

Burgess added: “Research from the TUC has warned of a ticking debt timebomb, with the average household expected to owe £17,200 in two years –and people can make huge positive changes to their finances by being aware of what a good credit score is and what is needed to maintain a healthy credit score.

“A high credit score will enable lower interest rates on credit cards and loans whilst giving you access to a wider range of financial products. What is very worrying is the lack of awareness about credit scores and its impact on every household's finances. Whether people understand it or see the point of a credit score is irrelevant – we all have one and are financially judged by it.”

---