Debt collectors failing to cooperate with trade body
Members of the Credit Services Association (CSA) have been called on to share their data on collections activity in order to gage the number of borrowers currently able to pay off their debts, following government pressure.
www.credittoday.co.uk reported that CSA president, Najib Nathoo, admitted at the associations annual conference that members are failing to co operate in introducing a quarterly index measuring the ability of consumers to pay back debt.
Urging people to get involved and reassuring firms that the information remains confidential, Mr Nathoo said: Over the last four quarters instalments and settlements have decreased markedly, but only five members are sending their data to CSA headquarters.
The index only becomes more useful and helpful when more people engage in that process. We cant share basic statistics and data if members dont allow us to do it.
Debt collection experts have put the lack of co operation from members down to the agencies not understanding why the statistics are needed, and what the benefit would be in sharing sensitive data.
Paul Thompson, chairman of debt collection agency and debt buyer Experto Credite, said: The information is there, its available and in the interests of raising standards across the industry transparency is necessary. I would see no reason not to share the information.