This week in money
“Tax-free shopping is one of the great benefits of coming to the UK. But we recognise that our customer’s time is precious. This new, exclusive experience will ensure customers can complete their VAT Refund in a relaxed environment”
John Rayment, UK Commercial Director of Travelex, on a new deal with Heathrow to launch VAT Refund by Appointment for customers recalling their tax when leaving the UK.
Al Etihad Credit Bureau score takes off
Al Etihad Credit Bureau’s Credit Score system launched in April and since then 64 per cent of reports requested include the score, the bureau revealed on Wednesday. “Data provided by Al Etihad Credit Bureau is becoming a core part of the Financial Institutions’ decision making process,” said Marwan Ahmad Lutfi, the credit bureau chief executive.
British consumers increased their borrowing at the slowest pace in more than a year-and-a-half in May and banks offered fewer mortgages, data from the country’s banking industry showed on Monday, adding to signs of a slowdown in the economy. Annual consumer lending growth slowed to 5.1 per cent in May, down sharply from 6.4 per cent in April and its weakest increase since October 2015, the British Bankers’ Association said.
Men less able to understand credit
While the majority of men (61 per cent) describe their knowledge of how credit scores work as good or excellent, a recent US poll shows otherwise. More than 40 per cent of men and women questioned in a survey for The Consumer Federation of America (CFA) and VantageScore Solutions think a person’s age, marital status and ethnicity are among the components that determine a credit score. None of them are but on all three of those questions, a significantly higher percentage of men thought those things played a part, according to the annual survey of credit understanding.