Bank survey shows it is getting easier to get credit

Dec. 23, 2011 - PRLog -- 2011 has been a year of improving or steady financial fortunes for over 71% of respondents according to the 2011 Banking and Credit Card Survey, one of the largest annual surveys of its kind.  Only 23% of respondents said that their finances are in a worse position than 12 months ago. 39% reported that their finances are in much the same state. 32% said that they are in a better position.

68% reported that they had been successful in obtaining credit in 2011, compared to 59% in the previous year’s survey, indicating a welcome easing of lending policies by banks and credit card lenders.

The survey also shows a significant and positive shift in how respondents rate the overall level of customer service provided by their banks, with 69% reporting this as either ‘very good’ or ‘excellent’, compared to 55% in 2010.  This sentiment was repeated throughout the survey, with only 32% now saying that they would never recommend a particular bank or credit card company, compared to 45% last year.

Comparing individual banks, First Direct took the first position for customer satisfaction, a position it has held since 2007.  Santander is rated the worst bank for customer service.

“Yet again our annual survey has revealed a massive difference in the level of customer service provided by banks, with First Direct in front by a very wide margin. But our survey also shows that bank customers are very reluctant to transfer their accounts – over 51% have been with their bank for 11 years or more”, says Barry Stamp, Joint Managing Director of checkmyfile. “On the other hand, credit cards are a different animal altogether. Our survey shows that the most likely reason to put a particular card at the top of your wallet or purse is because it offers cashback, and only 18% of credit card holders have kept faith with their card for 11 years or more.”

The full survey results are available to view or to download from checkmyfile.com.

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Notes to editors:

Access the survey at http://www.checkmyfile.com/content/downloads/BankSurvey20...

checkmyfile is the trading name of Credit Reporting Agency Limited, an independent, consumer facing credit reference agency. It was the first in both the UK and Australia to provide consumers with online access to their credit reports and has supplied over 2 million credit reports since 2000. Now in its seventh year, the annual Banking and Credit Card Survey is one of the largest of its kind and is based on detailed responses from 3,499 UK consumers.

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