Financial institutions are now recognising the need to spot the early warning signs of both bad debt and ID fraud says Graham Lund, Callcredit's deputy managing director, meaning that the intermediary needs to remain vigilant when assessing a customer's financial history.
“Our clients are finding that daily updates to consumers’ profiles allow them to detect these early warning signs in around 20 per cent more cases than if they had used a monthly update service," he explained.
"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.”
