Callcredit estimates that approximately 4pc of all customers move without telling their bank or credit card provider. 4pc of incorrect addresses per year, with the same customers moving on, and over fifteen years, can soon add up to quite significant numbers of customers whom the lenders can no longer contact.
Melanie Mitchley, Director, Industry Relations, Callcredit comments:
"We have worked with many of the larger lenders where it is not uncommon to see in excess of 500,000 accounts where the bank has lost touch with the customer. Both the credit providers and customers have a responsibility to make sure that their addresses and account details are all up to date to ensure they are not missing out on unclaimed assets.
With approximately £400m in unclaimed assets lying dormant and with the funds set to be donated to good causes in 2009, it's more important than ever that owners get in touch with lenders to claim what is rightfully theirs. Callcredit is supporting the industry its bid to reunite owners and accounts by developing a range of tracing products, where, through a variety of data sources, a lender can be provided with the new address of a customer with whom they have lost contact.'