Credit, Collections & Insolvency News
Finance providers are now able to use LendingMetrics’ Auto Decision Platform to call Credit Kudos data for use with assisted decisioning. Providers can now utilise ADP to use the data available to them from Credit Kudos’ suite of products appropriately in their decisioning, such as Open Banking data which includes credit scoring, effectively using financial…
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The Consumer Credit Awards, run by Smart Money People, has revealed its 2021 winners. After 13 weeks of voting and 34 finalists were revealed in a digital announcement on the Consumer Credit Awards Twitter and LinkedIn accounts. The 2021 awards were concluded after a record year for voting, with over 31,000 votes received across 15…
Read moreJPMorgan’s new digital current account has launched in the UK, under its Chase brand. Chase is offering customers 1% cashback on debit card spending for their first year and 5% interest on small change round-ups. The latter will take place when a customer uses their debit card to make a purchase and the amount deducted from…
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Guarantor lender Buddy Loans (Advancis) has entered administration. Shane Crooks, Antony Nygate and Kiri Holland have been appointed as joint administrators of the company. Buddy Loans is a high cost and guarantor lender, which lends money to customers for up to 60 months All existing loan agreements remain in place and will not be affected…
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The Melton Building Society has agreed on a partnership with TriLine GRC to embed an automated solution to improve corporate governance efficiency as well as provide concise and real-time reporting. The Society has historically used manual processes and spreadsheets to capture, manage and report on compliance, risk management and regulatory change across the business. The…
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Specialist car, van, and motorbike finance company, Moneybarn, has announced that it has selected challenger credit reference agency, Credit Kudos, as its Open Banking partner. Moneybarn will also be using Credit Kudos’s newest product, Assembly, an Open Banking decision engine that enables lenders to automate credit policies and implement real-time decisioning without the need for…
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LexisNexis Risk Solutions UK, part of RELX, has announced that it has acquired TruNarrative. Founded in 2016 and headquartered in Leeds, UK, TruNarrative enables organisations to manage the entire financial crime lifecycle within a single, unified platform that allows for simplified and automated onboarding, a dynamic risk score and transaction monitoring. The platform allows for no-code…
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Sub-prime lender Morses Club announced that it is proposing a significant reorganisation of its business and corporate structure. which includes forming a holding company called U Money and listing new shares under that name. The company says once U Money is formed it will run its company as two distinct businesses, one its home-collected credit…
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Provident Financial has reported an adjusted ongoing pre-tax profit of £63.5 million for the six months ended 30th June 2021. The results included its Consumer Credit Division (CCD) which is being closed down. Losses from CCD, the Group generated a statutory loss before tax of £44.2 million for the period. Total revenue was £316.7m (2020…
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Barclays reported a large rise in first-half profit driven by a drop in credit impairment charges as the economy recovers. Pre-tax profit for the six months through June jumped to £4.98 billion, up from £1.27 billion year-on-year. Credit impairment releases fell to £742 million, down from £3.79 billion, more than offsetting a 3% drop in…
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Virgin Money has cut the amount of money put by for bad debts in the pandemic, releasing £19 million of cash set aside for loans that could turn sour in its third quarter. The lender added that the remaining £678 million of provisions could be cut further alongside full-year results if the rebound in the…
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Starling Bank has agreed to a £50 million deal to acquire for buy-to-let mortgage group Fleet Mortgages. The deal is the first acquisition by the Goldman Sachs-backed start-up that is targeting an initial public offering within two years. Fleet Mortgages, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via…
Read moreTesco Bank has announced that all Tesco Bank Personal Current Accounts will close from Tuesday 30th November 2021. Tesco Bank’s Current Account was closed to new business in December 2019 and will now also close for existing customers. Tesco Bank will write to Current Account customers to inform them of the closure of their account…
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