Consumer credit information agency Equifax has launched the Equifax Financial Stability Exchange, a database which will provide consumer lenders with declared and verified income data.

The data will be part of the Equifax Financial Stability product suite offering, to be launched later this month. The income data will be accessible as an integrated component of application and customer management process, cutting out the need for additional income verification.

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A range of organisations will be invited to use the data-sharing software including mortgage providers, peer-to-peer lenders, building societies and insurance companies as well as leasing and motor finance companies and professionals.

According to Equifax, the new offering will also help businesses to comply with the latest guidelines from the Officer of Fair Trading and Financial Services Authority; in particular the Responsible Lending and Treating Customers Fairly requirements, which necessitate credit providers’ active verification that the individual will be able to meet their payment commitments.

Laurence Hamilton, marketing and performance director at Equifax said: "Sharing of credit data is already a well-established practice in the consumer credit marketplace. We, therefore, expect the Equifax Financial Stability Exchange to play a key role in improved risk management.

"By providing trusted, transparent and reliable income verification, from application and over the lifetime of a credit agreement, we firmly believe we can drive up best practice across the industry."

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