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Internet bank Egg is calling on the Government to allow the Student Loans Company
(SLC) to share both positive and negative credit information, backing Ralph
Seymour-Jackson, Chief Executive of the SLC in his recent request to the
Department for Education and Skills to change its rules so that the SLC can start
to share data with the rest of the lending industry.
But Egg is calling on the
Government to go further than simply sharing information on defaulting
customers. In order to raise responsible lending standards, full data sharing
including balances and behavioural details are needed, the company insists.
Paul Gratton, Chief Executive of Egg, commented: “The Government can no longer
ignore the need for the Student Loans Company to share lending information.
"With £3,000 tuition fees being introduced next year and the ability for
students to pay these fees with a student loan, we can expect a significant hike
in the amount of money it lends. By sharing their information, the lending
industry will be better placed to help young people manage their borrowings and
avoid financial difficulty”.
Source:
Credit Control Journal
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