Callcredit Information Group today announces it has extended its partnership contract to provide credit risk, affordability and fraud prevention solutions to specialist lender Cashfloat. As part of the extended partnership Cashfloat will be trialling a number of additional fraud solutions focused on digital channels such as email, phone and device identification.
Callcredit has worked with Cashfloat, a short term loan provider, since it launched in 2014 and has helped the business provide responsible lending to over 14,000 consumers in the last two years. Cashfloat is able to provide its customers loans suitable to them via a fully automated online application process, which also provides the lender with the confidence it is making better informed lending decisions whilst meeting regulation.
With the use of real-time credit risk reporting, fraud and verification data and income and affordability information, Cashfloat is able to asses if a consumer is who they say they are, able to afford a loan and any associated risk to providing a loan. With the use of Callcredit’s income and affordability data, Cashfloat has gone one step further to helping ensure they only provide a loan to those that can afford credit and created their own bespoke affordability matrix.
Peter Kimpton, Chief Operating Officer, Cashfloat said: “We’re looking forward to extending our relationship with Callcredit. When we first started working with the company it was due to the data it held and the market share it has in the lending sector. The results speak for themselves. Through working with companies like Callcredit and our internal processes, in 2016 like-for-like, month-by-month we have doubled business and reduced arrears. Thanks to the solutions we have in place we have the confidence in our lending decisions and are better placed to identify customers that can afford to borrow and those we shouldn’t lend to.”
Steve Wishart, head of lending, Callcredit Information Group said: “With the growing need in the lending sector to meet regulation whilst putting the customer first, we’re delighted to be continuing to provide Cashfloat with the solutions needed to enable them to do this.”
With the increasing usage of digital channels becoming the consumer’s channel of choice for interacting with businesses, to further help Cashfloat enhance its fraud detection across the customer lifecycle the lender is also trialling Callcredit’s MobileRisk and EmailRisk solutions.