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New CfRC research indicates that some lower-income borrowers are highly sensitive to their credit scores, and this could be negatively impacting their financial behaviours: causing them to prioritise credit repayments over the payment of household bills and other essentials. People in financial difficulty may also be receiving inappropriate messages that encourage them to take on more credit than they can afford.
This project assessed the extent to which applicants to the FlexMyRent scheme were honest about their financial circumstances, and which disclosures were most predictive of success. Qualitative interviews indicate that the framing of FlexMyRent generated trust and this encouraged honest disclosure. Quantitative analysis points to the self-disclosure of existing debt burdens and rent account starting balance as the most important predictors of success.
The Food Club is a highly innovative partnership between Fair for You and Iceland Foods, providing small sum, interest-free credit to a demographic that has been hit hard by the cost-of-living crisis. Our evaluation indicates it has been highly successful: reducing the use of interest bearing credit for essentials, and helping people stay on top of their household bills. And it has improved diets; stopped children from going hungry, and improved both physical and mental health in many cases.
This report provides an assessment of the social benefits that have been created by Fair for You: a Community Interest Company providing affordable credit to families with incomes in the lower half of the income distribution throughout the UK.
