Callcredit

Infobox_Company

company_name = Callcredit Limited
company_
foundation = 2000
company_type = Private
location = Leeds, United Kingdom
key_people = Michael J Green, CEO
John McAndrew, MD
Graham Lund, Deputy MD
Owen Roberts, Callcredit Check
Martin Cheek, Callcredit Direct
industry = Business Services
Credit Services
products = Credit Risk Solutions
Fraud Solutions
Marketing Solutions
Collections & Recoveries Solutions
Consumer Services
homepage = [http://www.callcredit.co.uk www.callcredit.co.uk]

Callcredit Limited is a consumer credit reference agency. Credit reference agencies collect and store details about consumers and their personal credit history. There are 3 credit reference agencies in the UK; Callcredit, Equifax and Experian.

Callcredit was created by Skipton Building Society and supplies information to lenders and other organisations to enable them to establish an individual's credit history, confirm application addresses and monitor significant events which may be indicators of credit risk.

Callcredit's areas of expertise are Credit Risk, ID Verification/Fraud & Anti-money laundering, Collections & Recoveries and Credit Marketing.

The company's client base includes legal firms, banks, building societies, finance houses, mail order, telecoms and utility companies. These typically use Callcredit’s services to support applications for consumer credit, however shared financial data from consumers' credit accounts is used to underpin a variety of services including Fraud and Identification products, debtor tracing and over-indebtedness tracking.

History

2001 saw the launch of Callcredit's first credit referencing service, “CallReport”, an online service that allows subscribers to check the identity and creditworthiness of potential customers.

In 2002 Callcredit launched its “SHARE” database of consumer credit account information. Created by monthly contributions from a closed user group of lenders, SHARE includes records from banks, building societies, and telecom companies.

In 2003 Callcredit strengthened its core product suite by building and delivering a comprehensive range of products for credit risk, Anti-Money Laundering and marketing.

In 2004 the Skipton Information Group (SIG) was formed, bringing Callcredit together with EuroDirect and GMAP.

In 2005 Callcredit launched MyCallcredit, its online credit file monitoring and identity theft alert service for consumers. Also during the year Callcredit introduced a new range of debt management tools, credit monitoring and tracing solutions to aid responsible lending.

In 2006 Callcredit launched its exclusive and unique consumer indebtedness initiative in association with the UK’s leading high street banks: HBOS, HSBC, Lloyds TSB, Barclays and RBS. The initiative uses income data along with consolidated debt data to give an understanding of customer indebtedness and ability to pay. Throughout 2007, Callcredit further developed its Over-Indebtedness Initiative (OII) and continued to roll it out across the major UK banks, building societies and credit card companies. It has also created the Callcredit Consultancy team, which supplies expertise throughout the customer lifecycle, from customer acquisition to collection and recoveries.

In 2007, Skipton Information Group acquired two additional businesses which directly complement Callcredit’s activities. Legatio is an online payment service provider whose products include Credit and Debit Verification services. The second acquisition in 2007 was Decision Metrics, who undertake advanced analytical projects for the credit risk market, covering credit scoring, affordability assessment, Basel II modelling and ongoing performance monitoring.

In January 2008, Skipton Information Group announced its third acquisition in six months. Broadsystem are specialists in both database and marketing services, with additional skills in communications management.

CIG 2008 Rebrand

In May 2008 the Skipton Information Group rebranded to the Callcredit Information Group (CIG). By consolidating Callcredit, EuroDirect, GMAP Consulting, Legatio, Decision Metrics and Broadsystem, a stronger platform has been created which satisfies the increasingly sophisticated information needs of its international client base right across the customer lifecycle.

Callcredit Check

Callcredit Check is the consumer arm of Callcredit, providing consumers with personal credit reports. Callcredit, Equifax and Experian gain information about consumers’ credit records from various sources including banks, building societies and lenders that have granted the consumer credit.

This information is used to generate a personal credit report. All 3 credit reference agencies allow consumers to access their credit report. This can be done in one of 2 ways.

Firstly, Callcredit, Equifax and Experian are required by law to offer a statutory credit file, which is sent out in the post and takes around 7 working days. All 3 credit reference agencies however also offer an online credit report online which can be accessed instantly.

Callcredit Direct

Callcredit Direct was established in 2004 to serve small to medium enterprises and has expanded from a team of four to employ over thirty staff [cite web | publisher=Callcredit Direct| url=http://www.callcreditdirect.co.uk/about-call-credit-direct.aspx | title=About us | date=2008-09-18] . The Direct division is comprised mainly of telemarketing staff supported by a field sales team who maintain face-to-face contact with clients nationwide at seminars and conferences [cite web | publisher=Callcredit Direct| url=http://www.callcreditdirect.co.uk/about-call-credit-direct.aspx | title=About us | date=2008-09-18] . The team specialise in promoting Callcredit’s anti-money laundering product CallML [cite web | publisher=Callcredit Direct| url=http://www.callcreditdirect.co.uk/verification-id-solutions-call-ml.aspx | title=CallML| date=2008-09-18] , as well as advising, where necessary, on Callcredit’s complete product portfolio [cite web | publisher=Callcredit Direct| url=http://www.callcreditdirect.co.uk/products.aspx | title=Products | date=2008-09-18] . Direct’s current subscribers mainly operate within the legal and accountancy sectors however the business’s client base covers most industries with a financial bias and a need to comply with the Proceeds of Crime Act 2002.

In 2007, Callcredit Direct was nominated for and won Online Product of the Year for CallML at the Legal Technology Awards and have subsequently received a further shortlisting in 2008 in the same category.

FAQs

What are credit reference agencies?

Credit reference agencies collate and store financial and publicly available information about almost every adult in the UK. This information is then supplied to lenders and other organisations to assist them in establishing an individual's identity, credit history and current credit commitments. The information also allows lenders to confirm the address provided by their applicant and to help to prevent fraud.

Major financial institutions use credit reference agencies, as do landlords to vet prospective tenants, employers to credit health check prospective employees and mail order companies to set up new customers accounts, amongst others. The data that can be displayed to the clients differs depending upon their membership of certain shared databases. Information available in the public domain such as the Electoral Roll, Bankruptcies and County Court Judgments, can be displayed to all clients if they request it, however Share data can only be displayed to clients who are members of these shared databases.

Credit reference agencies do not decide who can and cannot obtain credit. They do not hold a 'blacklist' or give black marks to individuals. Only the lender concerned knows why they declined an application and most will inform the applicant of the reason(s).

From where do credit reference agencies obtain their information?

Credit reference agencies obtain their information from a variety of sources.

Public Information:

The Electoral Roll - Each October local authorities distribute Electoral Roll registration cards to every household. The information they collect is published in the following February. Local authorities now make changes to their Electoral Roll on a monthly basis - this is called the Rolling Register. Lenders access Electoral Roll data via a credit reference agency to confirm the identity of their applicant and check that the address provided by the applicant is correct.

County Court Judgments (England and Wales) - Details of County Court Judgments (also known CCJs) are supplied by the county courts to The Registry Trust (an independent organisation established via the Lord Chancellor's Department) who maintain the statutory public register of CCJs. The Registry Trust notifies Callcredit of all judgments, satisfactions and cancellations on a regular basis and Callcredit update its files accordingly.

Scottish Decrees - Details of Scottish Decrees are supplied by the Sheriff's Courts to The Registry Trust. The Registry Trust maintain a public register (by agreement with the Scottish Courts Service) containing all Small Claims and Summary Cause money decrees entered in the Sheriff's Courts during the preceding six years. The Registry Trust notifies Callcredit of all decrees, recalls and dismissals on a regular basis and Callcredit update its files accordingly.

Bankruptcy Orders and Scottish Sequestrations - Callcredit obtain details of Bankruptcies from London Gazette or Stubbs Gazette and keep them on file for six years. Sequestrations are obtained from Edinburgh Gazette.

Credit Information:

The UK's major financial institutions - banks, building societies, finance houses and retailers, have agreed to share information about each other's credit agreements. This allows member companies to check the details submitted by other members to help them assess whether to accept applications for credit. The information they share consists of previous credit searches, credit agreements, payment history and defaults. The members submit these details to one or more of the credit reference agencies who then store the information and allow other members to access it. Callcredit's credit information database is called Share. Experian's database is called CAIS (pronounced 'keys') and Equifax's database is called Insight. The information held on these three databases is not necessarily the same. One lender may decide to contribute data to all three agencies, whereas another lender may decide to contribute data to only one agency.

Do the credit reference agencies (Callcredit, Experian and Equifax) hold identical information?

No. The information obtained by the credit reference agencies from public sources, such as Electoral Roll data, Bankruptcies and County Court Judgments, should be similar. Information supplied to the agencies by lenders may well be different. Some lenders supply data about their credit accounts to all three credit reference agencies, however others only supply data to one agency. The credit reference agencies also retain a record of every search performed on their database. These are shown on a credit file in the Credit Search History section. Lenders normally search the files of one credit reference agency (although some use multiple agencies), therefore the searches visible on a Callcredit credit file probably won't appear on a Experian or Equifax file, and vice versa.

Why do lenders use credit reference agencies?

Lenders need to verify the identity of their applicants and establish some basic facts about their applicant's finances to enable them to lend responsibly. They also need to fulfil their legal responsibilities and comply with the Money Laundering regulations. They use credit reference agencies to enable them to do this. They check their applicant's credit history to establish if previous credit agreements have been repaid on time and to check their current financial commitments. This assists them in establishing whether the applicant has the ability to repay the credit they are applying for without causing over commitment. They also check the files of a credit reference agency to help them identify fraudulent applications.

Who regulates the credit reference agencies?

Credit reference agencies must be licensed by the Office of Fair Trading under the Consumer Credit Act 1974. They must also register with the Office of the Information Commissioner.

ee also

* Identity theft
* Credit history

External links

* [http://www.callcredit.co.uk Callcredit website]
* [http://www.callcreditcheck.co.uk Callcredit Check website]
* [http://www.callcreditdirect.co.uk Callcredit Direct website]

Notes