LONDON, March 23, 2026 /PRNewswire/ -- The Financial Conduct Authority's (FCA) motor finance consumer redress scheme is expected to take effect soon, with millions of consumers potentially eligible to receive compensation for mis-sold car loans. Around 14 million car finance agreements (including vans, motorbikes and campervans) may be eligible, with estimated payouts averaging £700. To help streamline the search process for consumers looking for previous car finance agreements, Equifax has released its new, free myEquifax app, which includes a free car finance checker tool.
Available now for download in the Apple Store and Google Play, the app enables consumers to view a comprehensive list of past agreements as well as a 'Share Agreement' function to easily extract and paste key details - including agreement reference numbers, dates, and amounts - into their chosen format, such as an email to their lender. The app also includes the ability for consumers to access their free Equifax Basic credit score.
Craig Tebbutt, financial health expert at Equifax UK, said:"Most of us wouldn't dream of declining an offer of £700, but we could be doing exactly that when it comes to the FCA's redress scheme. The FCA estimates 14 million car finance agreements are potentially eligible for compensation, but old or missing paperwork means accessing the necessary information can be a real barrier and we know that many expect the process to be a hassle. The new myEquifax car finance checker app is a free tool for consumers to simplify finding and accessing past loan records and sharing key details with lenders in minutes."
A related, recent survey of 2,000 UK consumers[1] indicates that there is often anxiety around tackling financial administration issues. The research revealed that consumers avoid doing so because: they do not want to confront reality (25%), they lack the time (21%), and the perceived difficulty (17%). A significant 21% also delay it simply because of the sheer inconvenience. This hesitation is in spite of the potential financial benefits, as over a third believe an annual financial review could save them up to £500, with 12% estimating the savings could be as high as £1,000.
Tebbutt concluded: "We're a nation of savers and there are lots of good personal finance habits out there to celebrate, but a thorough MOT of our household finances can often fall down the priority list. Small habits like regularly checking your credit score can help empower financial well-being and enable consumers to meet their financial goals faster."
- Nationally represented survey of 2,000 UK adults conducted online by Focaldata, 24-25 February 2026.
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region.
Equifax Ltd is one of the Equifax group companies based in the UK. Equifax Ltd is authorised and regulated by the Financial Conduct Authority. For more information, visit equifax.co.uk and follow the company's news on LinkedIn.
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