Commercial Credit Data Sharing (CCDS): The lender’s perspective: How you can use this data to lend to SMEs

The DNA of a SME lender is changing inexorably, especially for those looking to operate at scale. CCDS can be a foundation stone of a new form of customer intimacy inspired by the possibilities of customer-centric data, related analytics and new technologies.

Peer today, gone tomorrow

Peer-to-peer lending has come a long way since its inception 10 years ago, but does the recent appearance of institutional lending in the UK threaten to end true peer-to-peer before it has reached its true potential? In this article, Karl-Magnus Wadsack Principal Consultant at Equifax takes a look at the Peer-to-Peer industry.

What do consumers really think about fraud

A whitepaper produced following YouGov consumer research and the highlights of an Equifax hosted roundtable debate with fraud and risk specialists from some of the UK's leading companies, and crime prevention and legal specialists.

APS Financial

“I’m very pleased with the outcome of the work we did with Equifax, as they not only provided industry leading insights, but delivered them in such a collaborative fashion that my team returned highly motivated.”

Arnold Laver

“Equifax provide us with the most factual and informative results to make the best business decisions.”

Carphone Warehouse

"The tool is fast and simple to use, helping us to improve the customer experience and achieve better conversion rates and operational efficiencies."

Fidelity Works

“I’d recommend the Equifax Financial Stability Suite to any lender conducting affordability analysis.”

Gettacar.co.uk

Gettacar.co.uk asked Equifax to create a bespoke scoring system that would enable them to provide a 'decision in principle' straight away.

Hays UK

"Equifax credit monitoring has saved us a lot of time and operational costs."

Pendragon Plc

“Equifax has helped us ensure we only do business with credible organisations”

RateSetter

"The benchmarking exercise helped us understand how our commercial loans were performing"

Santander

"Equifax helped us to develop a real-time solution to meet our customers' lending needs, providing small businesses with access to finance in minutes."

Speedloan Finance Ltd

“We really appreciate how Equifax Identity Verifier offers our customers a better experience whilst reducing the risk of fraud.”

Strutt & Parker

"Equifax AML ensures we're confident that we meet any regulatory requirements expected of us."

360 degrees: The best view in the house

Paul Birks, Decision Solutions Director, explains why organisations need to have a complete view of their customers’ affordability, needs and wants if they’re to build stronger and more profitable relationships with them.

A day in the internet life

Peter Harrison, Product Leader in Identity and Fraud at Equifax, talked to Perspective about the ups and downs of using social media data when it comes to identity verification.

A Driving Force for Change

With the increased regulation and a focus on affordability and responsible lending, the automotive sector is likely to come under increased scrutiny.

Affordability: Disruptive but kind of old-fashioned too

Martin Leonard, Chief Operating Officer at Castlight Financial, explains how cutting-edge technology is honouring old-world values.

Affordability and creditworthiness in the retail sector

UK retailers are under closer scrutiny as the FCA drive an increased focus on responsible lending to tackle persistent debts. Discover how new regulations could affect retailers offering consumer credit.

A marketer's guide to Millenials

Our colleagues at IXI Services in the United States take a closer look at Millennials, how they are different from other generations and how best to market to them.

Are passwords a thing of the past

Peter Harrison, Equifax Product Leader, Identity and Fraud, tells Perspective about the brave new world of biometric technology when it comes to identity authentication.

A world of pain? Terrorist financing, organised crime and political pressures

The key focus for any business is to execute services in a way that delivers value for their customers. For financial service transactions, this must be done within a tightly controlled, regulatory environment which ensures protection for users. Organisations also have a responsibility for the prevention of financial crimes.

Bank Account Aggregation: Pie in the sky?

Roger Vincent, Head of Banking and Innovation, explores what bank account aggregation could mean for businesses and consumers alike. Is it the future of money management or just a nice looking pie chart?

Can’t Get No (Customer) Satisfaction

Whilst some sectors are enjoying higher customer satisfaction levels, others are struggling to do so. How significant is the impact of customer satisfaction on a business, and how can these ratings be boosted?

Care for your customers, bolster your brand

Anna Perkins, Marketing Communications Leader at Equifax, explains why you’ve got to know your customers as well as you know your brand.

Choosing suppliers & requesting payment holidays

In October 2015, we surveyed 200 consumers asking them about key drivers for choosing suppliers, staying or leaving them, and around requesting payment holiday.

Commercial Credit Data Sharing and Open Banking: Frequently Asked Questions

Computer Says No

Applying for a credit product and then being rejected when a credit search or check is carried out can be upsetting. Understandably, many find the experience shocking and embarrassing. It can also leave rejected applicants with a negative impression of the lender and put them off any future interactions with them.

Consumer fears and factors in the fight against fraud

We wanted to understand the real attitudes of consumers towards fraud, the use of new technology for ID authentication, social media and information-sharing in relation to fraud risk. In February 2017, we commissioned YouGov to conduct an online survey around these themes and the survey was completed by more than 2,000 consumers.

Customer experience in a digital world

John Marsden, Identity and Fraud Consultant at Equifax, explores the balancing act between compliance and customer experience in a digital world.

Defining Vulnerability

Can a small business be ‘vulnerable’? Matt Vaughan Wilson from the Money Advice Trust, the charity that runs National Debtline, explores this intriguing question.

Demystifying the quotation search

Roger Vincent, Strategic Consultant at Equifax, looks at the quotation search in more detail to give you an understanding of its origins and how it can be used as a powerful tool in responsible lending practices.

Embracing Change

Mark Fish, Senior Insights Delivery Consultant, Europe, discusses the current challenges in the world of analytics and why organisations need to be looking to the future.

Expecting the unexpected

FCA authorisation, a renewed focus on affordability and the prospect of interest rate rises means lenders are reviewing their policies, procedures and risks. Consumer credit industry journalist Heather Greig-Smith talks to the Finance & Leasing Association and British Bankers Association for their perspective on the changing regulatory focus.

Exploring consumers attitudes to staying safe online

In February 2016, we surveyed 200 consumers asking them questions around fraud and online safety. Here are the results.

Factors affecting adoption of CCDS

What are the factors affecting adoption for CCDS?

Faster Switching

Energy suppliers are under pressure to improve the ease and speed with which customers can switch from one to another. Rebecca Hammond, Head of Utilities at Equifax, talks to Perspective about how Equifax can help them maximise opportunities and minimise risk.

Fighting financial crime

Why screening against Sanctions, Politically Exposed Persons, and Relative and Close Associates databases has never been more crucial – or more straightforward – for financial services firms.

Financial Vulnerability

Richard Haymes is Head of Financial Difficulties at TDX Group. Here he discusses the difficulties facing vulnerable consumers – and the challenges they can pose to businesses.

From kinetic to synthetic

Keith Manthey, CTO Analytics, Emerging Technologies Division at EMC², talks to Perspective about the risks presented by synthetic identity creation and how businesses can best protect themselves from cyber fraud.

From Negative to Positive

Consider a scenario whereby only negative data is shared with Credit Reference Agencies (CRAs) but lenders still have to meet responsible lending requirements. This is the reality for lenders in Spain. Here, Jorge Hernandez, Head of Partnerships, Equifax Europe, takes us through one of the projects they’re undertaking to help deliver a full picture of a consumer’s financial status to their clients.

Giving customers a nudge

John Marsden, fraud and identity expert at Equifax, examines how 'nudge' theory can be applied to the insurance industry to tackle point of quote and claims fraud.

Glossary: Open Banking and PSD2

The acronyms and terms you need to know for Open Banking and Payment Services Directive 2.

Homing in

Paul Heywood, Senior Consultant and Ryan Peacey, Head of Financial Services, discuss the rise in mortgage fraud rates and how Equifax is working with lenders to help them comply with increasingly stringent regulations across the industry.

How lenders can use CCDS for product development and credit policy

CCDS data allows a lender to build on ongoing picture of the resilience and liquidity and of each of its customers.

How lenders could use CCDS for client acquisition

How lenders could use CCDS for customer management

CCDS offers a number of data points which will help to determine the correct course of action based on the customer’s situation.

I’m only human after all

Yes, you could be a victim, but could you also unwittingly become a culprit? Peter Harrison, Product Leader – ID and Fraud at Equifax, discusses the human side of fraud from every angle.

Knowledge is power: How affordability assessments can benefit both lenders and consumers

Laura Hales, Product Manager – Scoring and Intelligence at Equifax, explores how different kinds of affordability measurements are changing the future of borrowing, and lending, for the better.

Know your customer: The stats

Know Your Customer (KYC): the objective of KYC is to enable businesses to know and understand their customers better in order to improve the services and experience they offer

Making GDPR work for you and your customers

Steve Martin, UK Data Protection Officer explores how GDPR shouldn't just be seen as a burden on business but an opportunity for firms to re-engage with their customers.

Mighty oaks from little acorns grow

We explore how the financial landscape is changing when it comes to SME lending.

Mind the gap: Closing the gulf between credit risk and application fraud risk

The Financial Conduct Authority requires that lenders capture sufficient information in order to make an assessment of creditworthiness and affordability.

MLD4 Explained

What the latest Money Laundering Directive could mean for your business.

Nearly half of Brits have no savings for unexpected financial events

A recent online survey,conducted by YouGov on behalf of Equifax,reveals that 43% of British adults don’t have any personal savings set aside for unexpected financial events such as unemployment, illness or urgent repairs to their home. The survey was completed by more than 2,000 consumers in October 2017.

No silver bullets - Why ‘99% accurate systems’ could let you down 99% of the time

Steven Hicklin, Head of Innovation and Research at Equifax, explains why ‘foolproof’ systems can prove both costly and inaccurate when it comes to fraud detection.

Once upon a time...

Communication specialists from Media First explain what we can learn from journalists when it comes to the power of storytelling in business.

Open Banking: the start of a customer engagement revolution?

Roger Vincent, Head of Banking and Innovation at Equifax explains why Open Banking provides the impetus for UK banks to evolve consumer engagement strategies.

Open Banking is dead. Long live Open Data!

Open Banking is just part of the Open Data Revolution, which is set to change the banking ecosystem on a global scale.

Open what?

With the implementation of Open Banking now only a few months away and the deadline of January 2018 looming, we wanted to take a deeper look at current awareness and attitudes to the initiative among business users.

Peering into the future

Perspective talks to Rhydian Lewis, CEO and co-founder of RateSetter, about what lies ahead for the peer-to-peer lending industry.

Peer pressure

The rise of peer-to-peer (P2P) lending has been remarkable over the last few years - with the value of new loans underwritten in the UK doubling year-on-year. Consequently, we're now in a pivotal period for the success and reputation of P2P lending, both globally and in the UK, as it finally seeks to enter the mainstream.

Peer Today, Gone Tomorrow

Peer-to-peer lending has come a long way since its inception 10 years ago, but does the recent appearance of institutional lending in the UK threaten to end true peer-to-peer before it has reached its true potential?

Playing by the rules

Trevor Parker, Chief Compliance Officer at Equifax, discusses why we need responsible lending regulation – not just for borrowers, but for lenders too.

Raising the bar

Richard Litchfield, Head of Consumer Credit Underwriting at Lending Works, discusses how peer-to-peer lending platforms are improving standards when it comes to fraud prevention.

Responsible lending in an open world

Following the Mortgage Market Review (MMR) and the introduction of the Consumer Credit Sourcebook (CONC) in 2014, many companies have been seeking new ways to fully assess a customer’s ability to make repayments on their credit commitments and to achieve truly responsible lending.

Run rings around the fraudsters

Over the last 15 years, Equifax partner Synectics Solutions have become one of the major players when it comes to delivering financial crime detection and prevention solutions across a range of business sectors.

Self-defence: protecting against identity fraud

How do consumers' fraud fears align to their apprehensions when applying for new products and services, and what can companies do to protect their customers – and themselves – from fraud?

Socially acceptable

Paul Birks, Director of Decision Solutions at Equifax, shares his response to our research on the use of social media data by businesses online. Should banks and lenders be privy to this data and, if so, how should they use it?

Supercharging SME lending

Nic Beishon, Head of Commercial at Equifax, explains how changes in credit data sharing will be of benefit to both small and medium-sized enterprises (SMEs) and their lenders.

Surveying the lending landscape

Laura Hales, Product Manager at Equifax, explains how the credit landscape has evolved over the past eight years for lenders and borrowers alike.

Take care

Viktoria Strandlund, Cross-Sector Marketing Manager at Equifax, talks to Perspective about how important it is for organisations to treat vulnerable customers with care – not only from a moral point of view, but also to succeed commercially.

The art of science

Paul Birks, Director of Decision Solutions at Equifax, explains why data alone is not enough to help lenders make responsible decisions.

The business of lending

Paul Strellis, Business Consultant at Equifax, talks to Perspective about how businesses, as well as their customers, benefit from responsible lending, and how Equifax InterConnect can help put it into practice.

The changing colours of chargebacks

Last Month VISA changed its rules surrounding chargebacks and set up new workflows, which could potentially impact Equifax customers involved in e-commerce trading.

The changing face of fraud

We invited Richard Hurley, Communications Manager at CIFAS, to share his thoughts with Equifax on the changing face of fraud.

The changing face of the short-term credit market

An industry commentator talks to Perspective about how the short-term credit market is transforming before our very eyes.

The end of the road for payday loans

With the new Financial Conduct Authority (FCA) rules impacting high-cost short-term credit, will this see the end of Payday loans?

The future of data protection

Trevor Parker, Chief Compliance Officer at Equifax, discusses the changes that will result from the new General Data Protection Regulation and what they may mean for both businesses and consumers.

The New Era of Privacy: Consumer rights and corporate responsibility

Our guest contributor Mark Weston, Compliance Manager and Data Protection Officer at iovation, considers the impact of compliance on customers’ experiences.

The Power of Customer Data

Mark Hagger, Strategic Consultant Marketing Solutions at Equifax, explains how the humble customer database could unlock all kinds of marketing gems for businesses like yours.

The power of data science

What can data science achieve, and how can it help your business? Anita Dougall, CEO & Founding Partner, Sagacity, explains.

The thriving world of mortgage fraud

With the threat of organised mortgage fraud remaining, David Higginson, Identity and Fraud Consultant at Equifax outlines counter-fraud strategies lenders can employ.

The true cost of fraud

Perspective invites John Marsden, Identity & Fraud expert at Equifax, to share his views on the real cost of fraud to consumers, and to organisations like yours.

Time to face biometrics

Gary Humphrey, Product Manager – ID and Fraud at Equifax, talks about the future of identity verification and why it might be time for your business to embrace the potential of biometrics.

Time to make plans: Advice you can't afford to ignore

Trevor Parker, Chief Compliance Officer at Equifax, explains why assessing affordability and creditworthiness has never been more important for UK businesses, especially where the FCA is concerned.

Use of personal data

What are consumers’ attitudes towards the use of their personal credit data, spending in uncertain times and finding the best deal for financial products? To find out, we commissioned YouGov to conduct a survey around these themes.

What are consumers attitudes to debt and borrowing?

What type of borrowing do they feel most comfortable with and what type of expenditure would they be willing to get into debt for? To find out, we commissioned YouGov to conduct an online survey around consumers’ views and attitudes to borrowing. The survey, completed by 2,130 consumers, produced some interesting insights and results.

What information is shared with CCDS?

What is CCDS and why is it important?

This rich new stream of data supports new lending and competitive opportunity for non-bank lenders.

What is financial crime?

John Marsden, Head of Decision Strategy ID and Fraud Europe at Equifax, explains precisely what is meant by the term ‘financial crime’ and how businesses can best protect themselves against it.

Why it pays to make it personal

Stewart Martin, Consultant at Equifax discusses the rewards retailers may reap by personalising their customer management and marketing.

Why preventing fraud is a balancing act

John Marsden, Identity and Fraud Consultant, talks about how technological advances are helping reduce fraud, but that there’s still a fine balancing act between process, cost and customer experience.

Written off: Debt

Mark Sanders, TDX Group, explains why, when it comes to collections and recoveries, organisations generally concentrate their efforts on consumers who pay. However, there also needs to be a greater understanding of, and effort to reach out to, those who don’t.