Callcredit's systems ready for Debt Relief Orders
Products are up to date with new debt management measure.
Callcredit, the UK's most innovative credit reference agency, has today announced its readiness for the newly-introduced Debt Relief Orders (DROs). The company's products and systems have been automatically updated to efficiently process DROs with no interruption to clients' service.
Callcredit provides data services to the majority of the major lenders in the UK, and these lenders will now have to account for those of their customers filing for DROs. No action on the part of Callcredit's clients is needed in order to receive notification of DROs through the Callcredit systems.
Graham Lund, Managing Director, Callcredit, comments: "While the full implications of DROs for the credit industry are still being determined, we are pleased to be able to inform our clients that our web-based systems are prepared for DROs. As our products alert our clients on a daily basis to any changes in their customers' profiles - including if they have taken on a DRO - our clients can rest assured that they will know as soon as possible if their portfolio has been affected by the new measure. "
Notes to Editors
DROs, introduced on 6 April 2009, are designed to relieve the debts of people on low incomes who genuinely cannot afford to either pay their debts or file for bankruptcy. Those debtors with debts of less than £15000 and assets less than £300 (and/or a car worth less than £1000) are eligible for the orders, which can be completed online for a fee of £90. Creditors have 30 days to contest a debtor's application for DRO status.
Spokespeople are available for comment - contact Sophie Smith on 0207 067 0415
• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
• Callcredit is one of six core businesses that form the Callcredit Information Group (www.callcreditgroup.com)
The other five are:
• Database management company EuroDirect
• Market analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and affordability assessment specialist DecisionMetrics
• Marketing services and database specialist