Credit, Collections & Insolvency News
New data from global analytics software provider FICO has revealed that consumers found contact with lenders difficult in the early days of the pandemic. Now, as another country-wide lockdown begins and the number of financially vulnerable customers rises, the FICO research highlights the importance of timely, tailored communications with customers in financial stress. The data…
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More than four out of five (82%) decision-makers in accounting now use automation as part of their anti-money laundering (AML) checks, despite half expressing some level of distrust in electronic checks. The latest findings from leading AML software provider, SmartSearch, show a distinct lack of trust in electronic checks and verification, with 9% of senior business…
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Over £1.1 billion of suspected fraud via the government’s bounce back loan scheme has been prevented by lenders so far, an indication of how criminals have aggressively targeted the scheme. Estimates from the British Business Bank provided to the Commons public accounts committee said lenders had rejected 26,933 bounce-back loans over concerns they could be…
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Eight out of ten accountants say that the SMEs they represent are not fully aware of their funding requirements and financial risk over the next six months, according to the latest ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker. The results, from a survey of accountants representing 2,840 businesses across the…
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The Government has announced the extension of the furlough scheme in March and has also announced increased self-employed support. The Coronavirus Job Retention Scheme (CJRS) will now run until the end of March with employees receiving 80% of their current salary for hours not worked. Similarly, support for millions more workers through the Self-Employment Income…
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Credit insight service, Aire has announced an affordability assessment partnership with N Brown Group to improve credit decisioning for more than 40,000 new customer credit applications. The partnership supports credit applications across all of N Brown’s brands, including Jacamo, JD Williams, Ambrose Wilson and Simply Be – as well as their newest brand, Home Essentials.…
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Customer communications, identification and graphics services specialist Paragon Group has announced the acquisition of French Groupe Bernard – specialist in Business Process Operations (BPO), effective 1st of October 2020. Groupe Bernard will be integrated into the Paragon Customer Communications (PCC) Division with a focus on Business Process Management and Loyalty Cards / Program Management. Groupe…
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