Card Issuers to Share More Customer Data
Major credit card companies will increase co-operation to identify customers in financial difficulty
5th December 2005
Major UK credit card companies have announced that they plan to increase sharing of data in an effort to identify customers who may be getting into financial trouble.
The companies, which include Barclays, Egg and Abbey, will share details of how much each customer spends and repays each month, the idea being to avoid extending credit to people already struggling to service existing debt.
The move follows recent criticism by MPs and consumer groups that card companies didn't cooperate enough in preventing debt problems.
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