Credit, Collections & Insolvency News
In this age of diminishing brand loyalty, the survival of consumer credit providers hinges on two things: their ability to differentiate and to exceed their customer expectations. Data holds the key to both. Creditworthiness assessments are, of course, the starting point for lenders’ use of data. But thanks to the increasing variety of data and…
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The Insolvency Service has published its latest England & Wales insolvency statistics for Q3 2019 (July-September) indicating that underlying corporate insolvencies (seasonally adjusted) rose by 0.4% in Q3 2019 compared to Q2 2019, and rose by 1.6% compared to Q3 2018. There were 4,355 total company insolvencies in England and Wales which was 0.4 per…
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A fifth of law firms fail on money laundering compliance and don’t have required firm risk assessment according to the Solicitors Regulation Authority (SRA) The SRA says that in March, it wrote to 400 firms asking them to demonstrate compliance with the 2017 Money Laundering Regulations by sending their firm risk assessments. Of the 400…
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Unexpected payments cost consumers £17 billion every year according to Lowell, which commissioned the research. The research also showed that one in five were left in debt after an unexpected bill, with a tenth having to move back in with their parents because they couldn’t afford to pay for their home. John Pears, UK Managing…
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AccountScore and Equifax have announced the release of a new credit risk index for the consumer lending sector which allows financial institutions to more effectively understand consumers applying for credit products. The index is based upon the transactional information found within a consumer’s bank account and takes advantages of the opportunities provided by Open Banking…
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Automated underwriting technology company LendingMetrics has scored highly in a recent customer satisfaction survey. The firm’s survey of clients found that it had an 80%-plus satisfaction ranking – despite it working in information technology, an area prone to customer dissatisfaction. LendingMetrics Head of Operations, Paul Brown, said “‘We work in an area that involves quite…
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A new report by the Consumer Council for Water (CCWater) shows that almost 700,000 low-income customers received bill reductions through a range of assistance schemes in 2018/19 – up 28 per cent on the previous year. However, the consumer group’s own research shows that three million customers in England and Wales still say their bills are unaffordable,…
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