Equifax Debuts Free App to Track 14M Car Loans with £700 Redress
Equifax released its free myEquifax app with a Car Finance Checker to locate details on 14 million eligible motor finance agreements ahead of the FCA redress scheme with average payouts of £700. The app also offers credit score checks and easy sharing of agreement numbers, dates and amounts.
1. App Launch and Purpose
Equifax has introduced the myEquifax app, a free mobile application available on Apple Store and Google Play. The app aims to help consumers identify and retrieve documentation for previous car finance agreements in advance of the upcoming motor finance consumer redress scheme.
2. Scope of Redress Scheme
The FCA’s motor finance redress scheme may cover approximately 14 million agreements, including car, van, motorbike and campervan loans, with estimated average compensation of £700 per eligible agreement. Consumers stand to benefit from simplified claim submissions once documentation is gathered.
3. Key Features of the App
The myEquifax app provides a Car Finance Checker tool that displays past agreement reference numbers, dates and amounts. It also enables users to share agreement details directly with lenders and includes free credit score checks to support financial health.