Wider Access for High-Cost Short-Term Market to Real-Time Reporting Capability via One Platform
LendProtect is delighted to announce that it is entering into a relationship with Callcredit Information Group to enable lenders to access Callcredit data, including the ground-breaking new MODA database, via the LendProtect platform.
This initiative will help to allow more High Cost Short-Term Credit (HCSTC) lenders access to MODA and the benefits it is already bringing to a significant number of lenders in this market. This will also enable lenders to report to both a mainstream Credit Reference Agency and a specialist bureau via a single process and provide a wider range of real-time reporting options.
“HCSTC lenders need a solution that makes real-time reporting efficient and easily accessible,” explains Greg Rable, CEO of LendProtect’s parent company FactorTrust. “Partnering our LendProtect real-time reporting process with Callcredit’s market leading MODA database not only provides wider access, it also streamlines real-time reporting, enabling lenders to focus on their most important task, providing customers with affordable loan options.”
“The more frequent reporting of data supports responsible lending and the requirements of the FCA by providing lenders with an up to date view of significant events on a consumers’ credit file on which to base more accurate and responsible lending decisions,” says Peter Mansfield, Managing Director, Callcredit. “MODA has already been adopted by the larger HCSTC providers and we hope that allowing lenders to contribute to and access MODA via LendProtect will provide even more lenders with an easy route to joining the initiative.”
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