Access to financial services is a fundamental right of every citizen. However, in the United Kingdom, people with poor credit scores are often denied access to loans and other financial products. This creates a vicious cycle of debt and poverty that affects millions of people.

We believe that financial services should look at affordability, not just credit scores when deciding whether to grant loans or other financial products. Affordability checks take into account a person's income, expenses, and other factors that determine their ability to repay the loan.

According to research by the Financial Conduct Authority (FCA), over 50% of UK adults have experienced one or more signs of potential financial vulnerability in the last year. This includes borrowing money to pay for essentials like food or bills. The FCA also found that many people who are declined credit by mainstream lenders turn to high-cost alternatives like payday loans.

By focusing on affordability rather than credit scores, we can ensure that everyone has access to fair and affordable financial services. This will help reduce poverty and promote economic growth in our country.

We call on all financial services providers in the UK to adopt affordability checks as standard practice when assessing loan applications. Let's work together towards a fairer and more inclusive society where everyone has equal access to essential financial products and services.

Sources:
- Financial Conduct Authority (FCA) report on consumer vulnerability
- Citizens Advice Bureau report on payday lending