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Agency praises credit card company initiative

Agency praises credit card company initiative

Category: Credit cards

Updated: 25/06/2009
First Published: 27/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Moves to begin greater sharing of information between credit card providers have been welcomed.

Yesterday UK payments association Apacs announced that its members would be providing each other with more details about customers in order to identify those who may be facing debt problems.

And credit reference agency Callcredit has praised the scheme, describing it as "an important step".

"Now more than ever lenders are looking for greater insight into their customers' levels of debt stress and this initiative goes further to demonstrate the industry's commitment to responsible lending," managing director of the firm Graham Lund remarked.

The additional information will be shared from Monday and includes the amount of the last payment made and whether this is equivalent to the minimum.

Yesterday business secretary Peter Mandelson and consumer affairs minister Gareth Thomas met with credit card firms to encourage responsible lending after interest rates were found to be high.

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