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Huge boost in complaints over credit rating

Huge boost in complaints over credit rating

Brand brand New report through the Financial Ombudsman provider show an 89% escalation in the wide range of complaints about credit rating.

This included a 130per cent increase in complaints about pay day loans and a 360% rise in complaints about instalment loans.

As a whole, 50% of complaints about credit rating solutions were upheld in 2018/2019, a small enhance on the 47% upheld in 2017/2018.

The report also highlights an increase that is 20-point the amount of upheld complaints about current reports and packaged bank records.

What exactly are clients complaining about?

While PPI-related complaints remain at high amounts with 46per cent of all of the new complaints in the entire year 2018/2019 having a PPI connection, there has been some significant increases in credit complaints.

Whenever we eliminate PPI from the equation, 33% of most new complaints associated to credit services and products such as hire purchase and financial obligation gathering. (more…)

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