Nationwide has confirmed a credit score change with the introduction of a new, free-to-use widget designed to give customers easy access to their credit information. The building society, which has branches in Birmingham, is rolling out the service as part of a wider commitment to improving financial confidence and wellbeing.
New free credit score widget launched
The move comes after Financial Conduct Authority research found that 39% of people who checked their credit report or score say they understood it very well, while around one in ten (9%) do not understand it very well or at all. The new service aims to help customers stay informed about their financial health by providing free, easy and secure access to their credit score without affecting their credit rating.
Users will also be able to see what factors influence their score, making it easier to understand what this means and how it can affect key financial decisions. The credit score facility will in future incorporate educational materials, giving users the tools and information they need to improve how they manage their finances, enhance their credit score and make more informed decisions about borrowing, saving and managing money.
Nationwide's commitment to financial confidence
David Gordon, Chief Product Owner at Nationwide, said in a statement alongside the launch from Thursday (August 20): “We know that for some people credit scores are notoriously difficult to understand and we want to help with that.” He went on: “Investing in our digital services and offering customers a way to bank that suits them is a key priority for us. Our new credit score service has been built to help our customers build financial confidence, improve their financial wellbeing and make more informed decisions about their money.”
Nationwide will also use insights from customer research alongside feedback from users to further develop the service and ensure it meets their needs, particularly those people who are vulnerable. Nationwide is the biggest building society in the country, with millions of customers.
