Credit cards: data to be shared on people at risk of debt problems
26/11/2008
A number of credit card companies are getting together to share information on consumers who may be at risk of falling into financial problems, it has been revealed.
UK payments association Apacs has announced that well-established information sharing processes are to be enhanced and will now include so-called `behavioural data`.
As of next month, Barclaycard, Capital One, GE Money, HBOS and MBNA will be ready to share such information and others will follow.
"This new data relates to how customers manage their accounts and will enable lenders to intervene, at an earlier stage, for those showing signs of debt stress and ensuring that those already struggling are not given further credit," stated Apacs head of card payment Paul Rodford.
He went on to describe the development as a "significant step forward" in the industry`s efforts to ensure responsible lending.
With 31 members, Apacs is a trade association for institutions that deliver payment services to consumers.
