People in Wales “Most Honest” on Financial Applications

• Just 7% of people in Wales would consider giving false information to get a preferential rate on a financial product, well below the UK average of 19%
• However, a tenth would still consider opening an account with a different email address (10%) to get a new customer deal, or putting themselves as a named driver on a vehicle they don’t use (9%)
• Those in Northern Ireland (41%) and London (36%) most likely to consider giving incorrect details to get a better rate

Wales could be the most trustworthy part of the UK, with the fewest people who would consider giving false information when applying for a financial product – according to new data from global information and insights company TransUnion.

Despite sustained cost of living pressures, as almost half of people (43%) in the UK feel their household income is not keeping up with inflation[i], residents of Wales lead in financial honesty with only 7% willing to consider providing false information to secure preferential rates on financial products. This figure is significantly below the UK average of 19%.

James Robinson, Managing Director of Consumer Interactive at TransUnion in the UK, comments: “It is heartening to see that most people stay honest when applying for financial products, despite experiencing continued strain on their finances – and that should be commended. It is also important to remember that not everybody who says they would give false information ends up doing so. But even a relatively small minority of consumers doing so can cause big headaches for financial providers – and risks for the individuals involved.”

In contrast to Wales, the data shows that Northern Ireland (41%) and London (36%) are the areas where people are most likely to consider providing incorrect details when applying for financial products.

One issue for those consumers that are tempted, is a lack of awareness of alternative, legal ways to get better deals. This can include taking more time to shop around, accessing pre-approved deals for financial products, or crucially, checking your credit score and taking simple steps to improve it. See below for tips from TransUnion.

In fact, 87% of those in Wales who used a credit monitoring service in the past say that it ended up helping them with their finances in at least one way. This includes identifying action steps to improve credit scores (38%) or better understand how they work (34%) or even identifying what loans or rates consumers already qualify for (16%) – all of which can eliminate the need to consider giving false information. 

What consumers consider acceptable to falsify

Despite these positive findings, the research highlights that some forms of financial misrepresentation do still occur. For example, a notable minority of people in Wales (10%) still feel it is acceptable to open an account with a different email address to access a preferential rate or offer for new customers.

Meanwhile, 9% don’t see an issue with putting yourself as a named driver on a vehicle for someone else, even though you don’t drive it.

However, it is important to remember that even changing a small detail or two can technically count as committing fraud, which comes with big legal and financial risks to the individual but also drives up the costs of doing business to organisations, leading to increased prices of goods and services.

Top tips from TransUnion that could help get a better deal on financial products

1. Check Your Credit Score Regularly

Monitoring your credit score can help you understand your financial health and identify simple steps to improve it – such as making sure you are on the electoral register and setting up Direct Debits for minimum repayments – all boosting your chances of qualifying for better rates.

2. Look for Pre-Approved Offers

Take advantage of pre-approved deals from financial providers. These are tailored to your credit profile, saving time and increasing your chances of approval.

3. Consider Alternatives Like Credit Unions

Credit Unions often offer competitive rates and flexible terms, providing an ethical and community-focused alternative.

4. Refinance or Negotiate Existing Deals

Use credit monitoring tools to spot opportunities to refinance loans or secure lower rates on credit cards, saving money without needing to look elsewhere.

5. Stay Vigilant Against Fraud

Regular credit monitoring can alert you to suspicious activity or fraudulent applications, protecting your finances and making sure you aren’t being held back by the actions of others.