Credit, Collections & Insolvency News
A subsidiary of Equifax has acquired transaction data analytics company AccountScore to bolster its Open Banking and insights capabilities. The acquisition will see Equifax enhance its consumer and commercial product offerings, combining traditional credit bureau information held by Equifax with bank transaction data, facilitated by AccountScore. Integration of these new data assets will enable Equifax…
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Losses at the top 100 UK restaurants group increased 112% to £571 million last year, rising from reported losses of £269 million at the end of last March according to analysis by UHY Hacker Young. These losses were only run-up to the start of the lockdown and therefore, are expected to worsen again in the…
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A new report from Christians Against Poverty (CAP) has shown that over 50% of their clients forced into bankruptcy, should be allowed to use a much cheaper route out of debt CAP is calling for urgent changes to be made to Debt Relief Orders (DROs) so thousands of people can access a simpler way out…
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Figures from EY ITEM Club show British businesses took on debt at more than twice the normal average growth rate since the coronavirus crisis began and are on course to have borrowed £ 61 billion by the end of 2021. EY forecasts a £26 billion rise in borrowing from banks this year – as much…
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Research for Indesser, a joint venture between the Cabinet Office and TDX Group, has shown that over half of consumers (53%) have improved their financial tracking and budgeting during Covid-19. The pandemic has changed some people’s financial behaviour for the better, with 43% of respondents paying off more debt than before, and over a third…
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With the third national lockdown already involving an extension until 8th March, new research from Nucleus Commercial Finance has revealed that at least three in 10 (30%) SMEs will be forced to close for good by the end of the year if it is extended until the end of March.1 This equates to just under…
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MPs have called on the Chancellor to maintain. for another year ‘at the very least’ the £20 per week increase in Universal Credit (UC) and Working Tax Credit introduced to support families during the coronavirus pandemic. The report from the Work and Pensions Committee notes that since March the number of people claiming UC has doubled to…
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Data insights specialist Cerebreon has announced that it has joined the Vulnerability Registration Service (VRS) platform. Gillian Doyle, CEO of Cerebreon, said “Checking for vulnerability should be as normal to the financial services industry just as anti-money-laundering and credit checks are. This is much more than a regulatory issue – by signing up to the…
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