Payday lenders to share instant data on borrowers

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Payday lenders to share instant data on borrowers

This is a duplicate of the Blog Entry made on 15th January 2014 12:04.

Payday lenders will receive more up to date information about individuals' borrowing habits when they apply for a loan. Concerns have been raised...

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[SaltnVinegar]

Re: Payday lenders to share instant data on borrowers

"But from April, credit reference agency Callcredit will offer daily information about other loans held by an applicant. At present this information is only updated every month. Borrowers would still be able to apply for several loans on the same day but people finding themselves in a debt spiral should find it much more difficult to secure multiple loans."

Sounds like progress doesn't it - but then look at how many PDL companies actually advertise "No credit checks". So the above isn't going to change a thing as far as they are concerned.

Then there is still the fact that the information on the CRA files is meaningless - its the lenders criteria applied to that information that determines whether a loan is granted or not. So unless the lenders change their criteria, again, nothing is going to change and when we have PDL companies offering multiple loans to their own customers I doubt that change is likely to happen.