Loqbox welcomes the FCA’s review as a milestone for responsible credit-building

The Financial Conduct Authority (FCA) has recently reviewed credit-building products and how they deliver — or fail to deliver — real value for consumers. For us, this attention is welcome and we believe it to be a sign that the credit-building category is finally coming of age. When we launched Loqbox back in 2017, the category barely existed. Most people weren’t even aware that responsible credit-building could be a tool for long-term financial wellbeing. Last year, the regulator looked closely at how these products work and how they affect people’s lives. That progress matters.

Why this scrutiny is important

The FCA is right to call out practices that mislead consumers or promise outcomes they don’t deliver. Some products in the market lack transparency, do not accurately report payments, or incentivise behaviour that does not improve people’s financial futures. When something touches the foundation of a person’s life — their finances, their confidence, their long-term opportunities — the bar for standards must be set high.

But it’s also important not to paint all providers with the same brush. This industry contains a wide range of models, missions, and motivations. Some are rooted in short-term quick fixes. Others — and this is where Loqbox sits — focus on sustainable, long-term financial health.

Our mission: building better borrowers, not just better credit scores

Having a low credit score doesn’t just make it harder to borrow. It can increase the cost of everyday essentials like car insurance, utilities, or phone contracts; make it harder to rent a home; and even affect job opportunities or financial confidence. The result is that people who can least afford it often end up paying more. That’s why Loqbox focuses on helping people build strong financial habits, confidence, and stability — not just better scores.

Since 2017, our goal has been simple: to help people develop the habits and confidence that create lasting financial freedom. Credit scores are part of that journey, but only part. Education, mindset, savings and ongoing support matter just as much.

Loqbox combines credit-building with savings, financial coaching and learning tools that help our members understand how money works and how to use it well. We do this transparently, with clear outcomes and no hidden catches.

We also recognise that not everyone’s financial situation looks the same. That’s why we offer both free and paid options — something unique in this market — so people can choose a path that suits their needs.

A model backed by results

More than one million people have used Loqbox to improve their financial health. Among the members who actively use Loqbox and regularly track their credit score:

• 89% see an increase within three months, where there are no new negative factors on their credit file.

• 85% successfully access new lines of credit within 6–18 months, based on self-reporting and credit reference agency data.

• Full members who make all payments on time, and don’t open additional credit accounts, typically see their score rise by around 200 points in a year — a change that can save them up to £50,000 in interest over a lifetime through access to fairer credit rates.
  
  
• And crucially, 80% feel more knowledgeable, motivated or confident about money.

These are not quick wins. They are meaningful, long-term improvements that support financial resilience.

Looking ahead

For some people, responsible credit-building can be the difference between carrying financial strain for decades or unlocking financial freedom for life. So, yes — we welcome the FCA’s attention. It signals maturity in a space that once lacked definition, structure, and consistent standards.

The future of credit-building should be transparent, educational, and focused on wellbeing — and we’re proud to have helped shape that future from the very beginning.