How to keep a step ahead of risk
In our fast-changing world, certainty is hard to pin down. One minute a customer can afford to pay you in full and on time. The next, their income might drop, and they fall into arrears. How do you support your customers when they need it most while protecting your business from loss?
To do this, data has never been more important. And that’s where our consumer credit and trended data solutions come in. We can help you make quicker and better affordability assessments at the point a customer applies for credit, and throughout their relationship with you. This means you can monitor whether they can continue to afford credit, discover when their circumstances change, understand the best way to recover more debt and maintain good customer relationships. We can also help you automate your collections to save time and money and make consistent collections decisions.
How consumer credit and trended data can benefit your business
Our solutions help you keep track of your customers’ changing income and spending, and their ability to afford credit. This helps you respond in the most appropriate way for each customer, as soon as action is needed.
- Spot changes quickly: Quickly identify when customers are at risk of falling into arrears
- Personalise collection: Take the most appropriate action for each customer, in the right way
- Reduce risks: Maximise collections while maintaining good relationships
Confirm
Verify 80% of incomes supplied by customers
Up to date
Monitor your customers’ ability to afford credit as their circumstances change
Protect
Safeguard your customers and your business
Improve
Increase the amount of money you collect
Anticipate
Predict changes before they damage your business
Automate
Make your data collection more efficient
Key features of our consumer credit and trended data solutions
Make quick and accurate decisions about whether new and existing customers can afford to pay you back in full and on time. Stay one step ahead of risk and maintain good customer relationships.
Quick approvals
Quickly work out whether your customer can afford a loan or credit, both now and throughout their relationship with you.
- Immediate and ongoing access to most UK customer current accounts
- Quick and accurate lending decisions
- Increase acceptance rates by up to 10%
Keep track of your customers’ rapidly changing finances
Predict more accurately than ever when your customers are likely to fall into arrears. Recover more debt and find customers who are able to pay more to reduce their debt. Did you know one personal insolvency provider increased their collections on behalf of creditors by 60% by using our solutions?
- Personalise collections to recover more debt
- Automate income and expenditure data collection
- Get fortnightly updates on payment holidays and current account turnover
- Support your customers’ repayment option
Adjust your strategies
Make sure your business keeps pace with your customers’ rapidly changing financial circumstances and adapt accordingly. Update your scorecards with the best available data.
- Re-evaluate your strategies in line with economic and financial changes
- Predict potential losses with up-to-date and accurate data
- Make smarter credit, quotation and management decisions
FAQs
Consumer data can be collected or captured when consumers provide their details to an organisation. For example, they give their address when they purchase something online, and this is basic consumer data.
Organisations can collect their own consumer data, so long as this process complies with data collection regulations. In addition, they can buy consumer data from reputable data collection agencies.
Consumer data is important because it helps an organisation or business make decisions based on fact and customer understanding. For example, consumer data can tell you which products and services are most popular with your customers, so you can develop more products like them.
Consumer credit is a kind of debt taken on by an individual in order to buy products or services. It is usually unsecured debt.
One example of consumer credit is taking out a repayment plan for a household item, such as a sofa, where the consumer takes possession of the item but pays it off over time.
The advantage of consumer credit is that it enables consumers to make large purchases without having to have large amounts of money to hand.
Consumer credit is available from the providers of goods and services after putting in place arrangements to offer credit via a credit provider.
In the UK and some other places, organisations that offer credit to consumers must be licenced to do so by the Financial Conduct Authority.
According to our research, consumer debt topped $US14 trillion in the US in 2019.
The regulator for consumer credit firms in the UK is the Financial Conduct Authority (FCA).
You need to be approved by the FCA to offer loans or credit to consumers.
The Consumer Credit Act regulates purchases made by credit cards and protects consumers when they take out a loan and hire agreements.
Related products
Debt Collections, Recovery & Management Services
Minimise bad debt and support your customers
Request a call back
View our Privacy Policy for details on use and storage of your personal data.
*Denotes a required field