PRA Group and StepChange Advance Financial Inclusion and Consumer Resiliency in UK Parliament

Core Insights - PRA Group, Inc. and StepChange Debt Charity are collaborating to address issues affecting individuals in debt in the UK, emphasizing the need for financial inclusion and resilience among households [1][2][3] Group 1: Partnership and Initiatives - The partnership between PRA Group UK and StepChange focuses on consumer strategies to tackle cost-of-living challenges and the impact of credit scores on consumers [3] - A roundtable discussion was held at the House of Lords, led by key stakeholders from various sectors, to explore practical solutions for improving credit reporting and supporting those in debt [1][2] Group 2: Research Findings - The Financial Conduct Authority (FCA) conducted a Credit Information Market Study, revealing that the current credit reporting framework may not yield consistent outcomes for consumers, which aligns with StepChange's findings that credit score concerns hinder individuals from seeking help [4] - Research from PRA Group UK indicates that individuals recovering from financial difficulties often remain financially excluded for extended periods [4] Group 3: Recommendations and Future Outlook - The FCA has proposed recommendations to address challenges faced by borrowers, with the aim of enhancing financial inclusion and enabling those repaying debt to access affordable credit [5] - Stakeholders at the roundtable are working to advance these recommendations through practical credit reporting solutions, which could facilitate re-entry into the financial ecosystem for those in debt [5]