Pancredit to provide Affordability Calculator for Unsecured Lenders

Thu 24th October 2013

Pancredit, a leading lending systems provider, has launched an affordability calculator for unsecured lenders. The calculator provided by Callcredit will be integrated into Core Pancredit, the firm’s complete loan application, administration and collections system.

The affordability calculator accesses data from banks and other parties, relative to a loan applicant’s salary and financial circumstances, in order to validate the accuracy of the details given at the time of application without requiring manual intervention. By doing so, the tool will enhance the affordability assessment that lenders apply, helping to promote responsible lending and mitigate fraud.

Callcredit already works with Pancredit as one of its partners to offer a suite of identity, payment verification and credit risk solutions. The affordability calculator will enhance the companies’ partnership and strengthen the Core Pancredit system.

David Fletcher, Strategic Partner Manager at Callcredit Information Group, said: “We’re delighted that Pancredit has chosen to extend Core Pancredit with the integration of our affordability calculator. As a result of this partnership, Pancredit’s clients will be able to make smarter and more responsible lending decisions. Levels of consumer indebtedness are remaining high and many consumers are suffering from an unprecedented squeeze on their disposable incomes. Providing a robust affordability assessment is an increasingly crucial aspect of effective and responsible credit management.”

“The unsecured lending sector is currently under real scrutiny by the regulators, so actively demonstrating best practice in affordability assessment is a must for all lenders in this space,” adds Graham Donald, Commercial Director at Pancredit. “Our partnership with Callcredit will help lenders promote responsible lending by allowing them to easily match their loan products to the financial circumstances of those applying for them, helping to better inform the decision over whether to grant or deny an application.”

Core Pancredit is a complete loan origination, administration and collections system that enables banks and financial institutions to offer unrivalled depth of functionality in a single, integrated, scalable application. Pancredit’s solutions are in use within a wide variety of lenders and intermediaries, including Ikano Bank, The Open University, Secure Trust Bank, HP Enterprise Services (on behalf of a major retail banking group), The Funding Corporation, MotoNovo Finance, Provident Financial and Everyday Loans and Love Money (GoCompare.com and comparethemarket.com).