Graham Lund, deputy managing director at Callcredit is predicting a shift in the credit industry towards a better and more timely use of data in 2008.
“As the credit squeeze continues into the new year, financial institutions are recognising the need to be extra vigilant for early warning signs of bad debt and ID fraud on their consumers’ accounts,“ he said.
“Our clients are finding that daily updates to consumers’ profiles allow them to detect these early warning signs in around 20% more cases than if they had used a monthly update service. This shows that data can and will need to be deployed more quickly and efficiently than ever to allow financial institutions to make the most of responsible lending.”
A 19-year veteran of the credit industry, Lund has worked in value-added data solutions for Lloyds, Experian and for the last 6 years, at credit reference agency Callcredit. He says Callcredit has ambitious plans for 2008:
“We’re aiming to grow our market share by continuing to develop innovative new products and services. Our annual customer service questionnaire consistently shows a high score for our customer satisfaction and this is definitely something we shall be building on in the New Year.”