Published On: Wed, Oct 28th, 2020

Credit score warning: ‘Drastic changes’ from lenders may affect scores for six years | Personal Finance | Finance

“At TotallyMoney, we’re on a mission to improve the UK’s credit score, and it’s important to us that our customers’ financial futures aren’t negatively affected due to the unpredictable effects of the virus.”

Unfortunately, these problems look set to impact some people more than other, as a recent survey from FCA revealed people from certain ethnic backgrounds are more likely to be hit hard by coronavirus themed challenges.

The regulator conducted a survey of more than 7,000 people which highlighted nearly a third (31 percent) of adults have seen a decrease in income, with households seeing income fall, on average, by a quarter.

These income problems are more likely to impact those from a Black and Minority Ethnic (BAME) background, with 37percent of people in this group taking an income hit.

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