regulation and compliance...

“It is up to businesses to take the initiative and not wait for regulation to be put on them. Self regulation is preferable if this can be achieved...the future regulation of the [credit] industry is dependent on the way the industry is perceived by and positions itself with consumers, the media, regulators and government. While pressures at a European level may be one step removed from our direct control, what happens in the UK is influenced by the way in which the industry is collectively seen to be taking its responsibilities.”

Credit Show Conference, Olympia (from Credit Today)

“There is a direct [positive] correlation between investment in and organisational position of the ‘compliance function’.”

Westminster e-Forum (from Data Protection Law & Policy)

a single European credit market...

“How high is demand for such a market? Not all lenders see it as a priority. In a market worth over €800bn, it is vital that it is carefully assessed before being attempted in order not to further damage economic stability across the EU. If lenders and credit bureaux have to progress on the basis that there could be a demand, rather than a proven appetite, consumers may find themselves carrying the cost...contrary to all the drivers for this, namely consumer choice and cheaper and more accessible credit.”

Credit Collections and Risk

“Market dynamics at member state level vary greatly – maturity, size, culture and legal systems all differ. By enabling lenders to enter a new market and feel confident in doing so, consumers will benefit from new products and services tailored to that particular market. Ease of market entry and business operation should be seen as priorities.”

CCR World

“The European Commission...needs to address the problems of opening up markets so that lenders can move into a particular country and do business on an equal footing with the players already established.”

Credit Today

marketing...

“As well as ensuring legal compliance, data users need to consider the trust issue. Maybe a customer being registered with the preference services gives an indication of their irritation point. It suggests avoiding these channels may be sensible to match the customer’s most likely buying profile.

“Depending on the strength and maturity of that individual relationship, we may know that their preferred contact channel differs according to whether it is a service contact or product offer. Profitable marketing is targeted not volume-driven.”

Data Strategy

data sharing and over-indebtedness...

“...credit bureaux are uniquely placed to work alongside the industry, regulators and government...The key is full data-sharing...Legitimate individual privacy rights need to be balanced against the broader public interest concerns about preventing the business impacts and human tragedy of consumer over-indebtedness.”

Credit Risk International

“The sharing of negative data has been commonplace and is standard in most [European] markets. However there is a growing expectation that responsible lending and borrowing requires both positive and negative data to enable the objective assessment of affordability and risk respectively.”

Credit Management

data protection and privacy...

“Commercial success needs consumer confidence...Data protection is really just good business practice for any organisation...It need not stop us doing legitimate and innovative things with data. What it does is to ensure that when doing this we respect the privacy rights of the individuals whose data we are processing...It can be a real commercial differentiator.”

“There is no benefit in privacy for privacy’s sake.

“Good privacy provides a framework of protection to give me the confidence to make informed decisions and lifestyle choices as to how I use and to whom I disclose my information for my benefit as a consumer; and ensures transparency over the legitimate uses and disclosures of my personal information in respect of my rights, obligations and protection as a citizen.”

Data Protection Law & Policy

“Good privacy should, and can, protect and enable the consumer and citizen; encourage micro and macro economic growth and prosperity; protect and improve the trading position of UK plc in the face of global, European and emerging market competition; and broaden the effective and trusted application and uses of data.”

Westminster e-Forum (from Data Protection Law & Policy)