Credit, Collections & Insolvency News
UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. The company’s latest research indicates that nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown. With reportedly half of the companies that applied for CBILS loans being declined and cash…
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Zopa has announced that it has been granted a banking licence and duly announced it would be launching a new digital bank offering a fixed-term saving account followed by a credit card later in the year. These new products will launch in addition to Zopa’s existing personal loan and car loan products. Zopa Bank will…
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Business lending figures have now risen to £40.7 billion to over 972,000 businesses through the three major government-backed lending schemes according to new figures from HM Treasury. Three months to the day after the launch of the Coronavirus Business Interruption Loan Scheme (CBILS), lenders have approved over 50,000 facilities through the scheme for businesses needing…
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EQ has announced that it will partners with Encompass to provide greater capabilities for robotic automation and data analysis, and expanded API integrations The partnership will enhance EQ’s holistic, end-to-end Know Your Customer (KYC) customer offering and increase time and cost efficiencies Chris Adams, Head of Product at EQ Digital said “We are delighted to…
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The UK’s three largest credit reference agencies (CRAs) have collaborated on a new guide to help people understand how their credit-related information is used by lenders. Equifax, Experian and TransUnion have launched the guide – Understanding your credit information and how lenders use it – to inform people about the factors lenders consider when deciding…
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Fraud prevention service, Cifas has revealed that cases of identity rose by 18% in 2019 compared to the previous year – the highest ever increase recorded on the Cifas National Fraud Database. Identity fraud occurs when a fraudster abuses personal data to impersonate an innocent party, or creates a fictitious identity, often to open a…
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The Covid-19 pandemic has had a devastating effect on people’s finances and is driving them towards payday lenders and other high-cost credit, according to Credit Kudos’ first Borrowing Index. The Index is based upon a survey of 2,000 UK adults found that nearly three in ten people (28%) have had their income impacted by Covid-19.…
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Qualco has been appointed to support the HM Government in the delivery of Crown Commercial Service’s (CCS) Debt Management Services (DMS) Framework for a fixed period of 30 months. The DMS Framework is a new government initiative that will offer all public sector organisations access to private sector debt management services. Framework users will gain…
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