RateSetter.com Selects Callcredit’s Risk and Verification Products
RateSetter.com, the new peer-to-peer lending website, is using a raft of Callcredit Information Group's services to confirm the identity and creditworthiness of its users.
Peer-to-peer (P2P) lending, also known as social lending, allows individuals to lend and borrow at interest rates that they set. The industry is growing as consumers look for alternatives to banks and building societies. RateSetter.com, which launched in September 2010, is the first P2P lender to offer a flexible monthly loan which gives savers the chance to lend on a shorter-term basis and borrowers a cheap, variable rate loan.
In order to protect all parties, RateSetter.com is using Callcredit's innovative CallValidate product to verify that those signing up to the lending website have given the correct identification and payment details. The single tool allows RateSetter.com to capture and validate customers' names, addresses and date of birth details, whilst conducting a real-time check against bank and credit card providers' records in just one search. These details are all checked almost instantly, to ensure the customer experience isn't adversely affected.
As well as using this verification product, RateSetter.com is also using a number of other Callcredit products, such as Callreport to assess the credit risk of borrowers.
Rhydian Lewis, CEO at RateSetter.com, said: "It is really important to us that we offer the best service possible to our customers, which means that we must use the latest products. CallValidate is market-leading and a very effective way for us to identity our savers and borrowers while we use CallReport as part of our credit assessment. The data is comprehensive and very clearly presented which assists our operating procedure."
John Cannon, Head of Product Strategy at Callcredit said: "We work closely with the financial services sector to develop products that fit the needs of the industry. This has enabled usto develop innovative products, such as CallValidate, that help organisations to help fraud management, reduce operational costs and improve customer experience of lenders and borrowers alike. Our partnership with RateSetter.com will help them to ensure their customers can get the greatest benefits from the service, at the lowest risk."