News Release: 15 July 2008
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CCA sets home credit standards with Experian
Consumer Credit Association looks to improve lending decisions and reduce ID fraud
Nottingham, UK, 15 July 2008 – The Consumer Credit Association (CCA) has enlisted Experian¨, the global information services company, to support a UK initiative encouraging the use of common information across the Home Credit industry. The CCA represents the majority of businesses in the Home Credit industry and is the focal point for contact by government, local authorities, other finance sector representative bodies and consumer groups who have an interest in the industry.
The move will see the CCA providing Experian's credit services to Home Credit companies in the UK to reduce fraud and also make more accurate lending decisions by ensuring that smaller lenders have access to an individual's financial history. The services include:
Authenticate, Experian's electronic, ID verification software and services, to enable CCA members to combat ID fraud by using independent data sources to confirm a person's identity.
e-Consumerview, Experian's web-based credit decisioning system, to provide members with access to databases that provide immediate and relevant credit information, highlighting whether or not an individual is likely to fall into financial difficulties.
"We believe this initiative will encourage competition and best practice across the industry, ensuring that Home Credit customers receive a high level of service," said Jack Bennett, Director of the CCA. "We chose to work with Experian having seen the strength of its credit services technology. We are confident that Experian's people, products and services will provide our members with the best expertise in credit referencing and authentication."
"This is an important new initiative from the CCA and it will provide more Home Credit lenders with access to improved decision-making capabilities," said Paul Speirs, Commercial Product Manager at Experian. "We support the CCA's move and Home Credit companies will have a host of industry-leading services at their disposal to provide even greater accuracy in the lending process."
This press release can be downloaded from http://press.experian.co.uk