Experian is part of a working party set-up by the Ministry of Defence (MoD) with other credit reference agencies, the major financial services trade associations and Royal Mail, to review how access to financial services can be improved for armed forces personnel.
Armed forces personnel have previously been disadvantaged through residing at military addresses, the main issues were that the typical address format for a British Forces Post Office (BFPO) address did not include a postcode, or specific premise level information (such as house number or house name).
Systems within the financial services sector often required a postcode and premise level information and often a BFPO address could not be used – limiting armed forces personnel’s access to credit. However steps have been taken to combat this, including an initiative to ensure BFPO addresses follow a similar format to standard UK addresses, which will enable credit reference agencies, lenders and other businesses to process them.
View our latest document which sets out the latest position to see what progress has been made to overcome the issues, and what is required by service personnel and lenders, in order for further progress to be made.