Identifying and managing vulnerable accounts
Deeper insight, fair treatment and better outcomes
The Covid-19 crisis is causing huge disruption to the economy. With the lockdown and enforced working from home in place, both consumers and businesses are struggling to adapt to the new environment. We’re seeing rising unemployment, and as some sectors almost grind to a halt, others are under more strain than ever whilst trying to operate in a lockdown.
This blog looks at how the FCA and creditors are trying to strike the right balance between lending sufficiently to support people through difficult times, how businesses are responding to the increase in vulnerable consumers alongside the opportunities of harnessing the power of data and exploring specialist debt recovery services.