New figures from the National Debtline Service suggest a 94 per cent increase in consumer calls relating to payday loans in 2012. Indebtedness and affordability insights expert, Equifax, believes the figures emphasise the importance of data sharing for the best possible view of consumer indebtedness. It argues that this, in turn, will help the industry change current negative perceptions fuelled by figures such as those issued by the National Debtline Service.

“We have been campaigning on the issue of full data sharing by payday lenders for some time now,” says Craig Tebbutt, business development manager, Equifax. “By sharing their own data on customer loans, payday lenders will benefit from access to data shared by other consumer credit providers, thereby ensuring they are not extending credit to those already heavily indebted. This has to be good news for improving the reputation of this sector. Whilst we are working with a number of the key payday loan providers, there still seems to be a resistance to embrace full data sharing. This includes the sharing of income data which is absolutely crucial to gaining the best possible insight of an individual’s indebtedness and affordability.”

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