Consumer credit information agency Equifax has launched the Equifax Financial Stability Exchange, a database which will provide consumer lenders with declared and verified income data.

The data will be part of the Equifax Financial Stability product suite offering, to be launched later this month. The income data will be accessible as an integrated component of application and customer management process, cutting out the need for additional income verification.

A range of organisations will be invited to use the data-sharing software including mortgage providers, peer-to-peer lenders, building societies and insurance companies as well as leasing and motor finance companies and professionals.

According to Equifax, the new offering will also help businesses to comply with the latest guidelines from the Officer of Fair Trading and Financial Services Authority; in particular the Responsible Lending and Treating Customers Fairly requirements, which necessitate credit providers’ active verification that the individual will be able to meet their payment commitments.

Laurence Hamilton, marketing and performance director at Equifax said: "Sharing of credit data is already a well-established practice in the consumer credit marketplace. We, therefore, expect the Equifax Financial Stability Exchange to play a key role in improved risk management.

"By providing trusted, transparent and reliable income verification, from application and over the lifetime of a credit agreement, we firmly believe we can drive up best practice across the industry."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.