The Real Time Exchange solution covers HCSTC loans during the entire application process, from pre-funding through to full loan performance. It is aimed at providing greater predictive capability for HCSTC lending decisions and promoting responsible lending across the sector.
Comprehensive data sharing between HCSTC providers is a key focus for the Financial Conduct Authority (FCA) who expects to see 90% of the HCSTC market sharing data with more than one credit reference agency (CRA) by November.
Nishil Khimasia, performance and marketing director at Equifax, said: “There is a definite role in the market for access to short term credit. Many people make use of these loans without any difficulty, but there is also a need to ensure financially vulnerable individuals are not allowed to fall into a spiral of debt by being able to access multiple loans via the web in seconds.