EQUIFAX SUPPORTS HSBC DATA SHARING INITIATIVE
Leading credit information provider, Equifax, welcomes the announcement by HSBC that it will be sharing positive and negative customer details on all its personal credit products, with effect from 1st August 2005.
Neil Munroe, Director, External Affairs, Equifax, comments, “This is good news for the industry and marks a big step in increasing the focus on responsible lending on the high street. By sharing its data among financial services companies, HSBC is helping prevent excessive lending to individuals who cannot meet repayments on loans, as well as, of course, reducing the risk to other lenders.”
Equifax is one of three credit reference agencies with access to this vital information and, crucially, the company’s consumer information service, MyEquifax, will enable consumers to check instantly online that the HSBC data is on their credit files.
“Over the years, we have been working hard to develop products and services that help lenders make more effective and reliable lending decisions and manage consumer debt”, continued Munroe. “From credit risk scores and application processing systems through to indebtedness characteristics, we have endeavoured to help lenders extend credit responsibly. This initiative will improve the depth and quality of the data available to us and add great value to the debt management solutions we can provide.
“Equifax continues to develop market leading products to support lenders and consumers alike and promote best practice within the industry. HSBC is leading the way in responsible lending and we look forward to other banks and building societies, as part of the industry’s data sharing initiative, announcing their plans to contribute positive data. These are important times for the industry and consumers as we fight against the tide of rising consumer debt.”
For just £14.95 consumers can obtain a copy of their Credit Rating, which includes their Credit Report, instantly, online at www.myequifax.co.uk.
ENDS
