Equifax Partners with LendingMetrics

Equifax, one of the three credit reporting agencies, is now in a long-term partnership with LendingMetrics, which is the payday and lending data authority, in order to assist lenders in payday lending matters. The partnership happens at an important time for the payday lending industry since on July 25, 2012, the Code of Practice will be implemented.

Last September 2011, the Dynamic Application Search (DAS) tool was introduced by LendingMetrics that will help payday lenders to disclose data so as to responsibly increase credit. DAS is being used by approximately two-thirds of the payday market and it offers real time loan application and performance data to assist payday lenders distinguish consumers who might be trying to get several loans at a time. Moreover, it also recognizes real time fraud.

At present, Equifax will present lenders with a whole resolution for evaluating the risk of a payday loan applicant, assisting them to complete the most recent OFT and BIS regulatory requirements, and also fighting bank account and ID fraud.

In addition, Equifax will be giving access to its consumer credit data. The Insight payment performance data will be accessed by payday lenders and the lenders’ payment performance data will also be accessed by Equifax, which is in compliance with the SCOR reciprocity regulation. Moreover, users of LendingMetrics can use the anti-money laundering identity check of Equifax and their Bank Check Advanced to verify that the bank account used is really owned by the applicant.

The latest Code of Practice obliges that proper affordability checks are done by lenders prior to approval of loans or permitting customers to delay paying off the money, also known as a roll over. As a result of the partnership, Equifax and LendingMetrics provide a collective solution that assists payday lenders meet their obligations.

According to David Wylie, the Managing Director of LendingMetrics, their partnership agreement with Equifax will give payday lenders assistance as the sector grows.

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