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The Finance & Leasing Association (FLA) has given a qualified welcome to the announcement by four of the high street banks
that they will share certain data about customers’ income with credit reference agency Callcredit.
Director General Martin Hall explained: “We shall continue to press for relevant
current account data also to be shared with lenders who do not offer current
accounts, strictly for responsible lending purposes and safeguards the banks are
entitled to expect.
"This would give a far greater degree of certainty. Our members do not see
preventing over-indebtedness as a competitive issue.
"Naturally we welcome any initiatives that help to prevent or reduce
over-indebtedness. We recognise that, to get a project of this scope off the
ground, initial participants need to be limited in number.
"We are partly reassured that the 'live pilot' scheme is open to other lenders.
"On a basis of strict reciprocity, lenders who submit data on income declared in
loan applications will be able to share such data from other participants in the
scheme, and thus have further evidence for judging whether the credit sought is
affordable.”
Source:
Getting Paid
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