- New research by Nova Credit shows immigrants into the UK consistently wait longer and are treated differently from UK-born applicants when applying for essential credit services
- Delays and refusals stem from the lack of access financial services providers have to applicants’ credit histories ‘left behind’ in previous countries
- More than half of UK immigrants will apply for more credit in next 12 months, with a fifth seeking mortgage finance
- UK’s 10m-strong immigrant population is a creditworthy expansion opportunity hiding in plain sight of lenders
LONDON–(BUSINESS WIRE)–Immigrants to the UK have poorer experiences from their would-be financial services providers than UK-born counterparts as a result of their lack of available credit history, according to new research published today.
The report titled ‘10 million UK immigrants – a market opportunity hiding in plain sight,’ draws on independent research commissioned by Nova Credit, the cross-border credit bureau, and conducted among 1,000 working age adults who immigrated to the UK within the last ten years.
The research finds that, for two in three (66%) immigrants, the process to receive credit products takes longer than it should due to applicants’ lack of UK credit history. Over half (55%) feel they have been treated differently because of their lack of UK credit history, and an even higher proportion (59%) have been told by lenders and financial services providers that they would be treated differently. Only one in four (26%) of immigrants who moved to the UK in the last ten years have experienced fully online processes to access credit products and services.