How Experian Credit Reports Can Help Debt Firms

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Understanding the depth of a client’s debt can be a struggle for many debt firms. How can this problem be resolved?

In 2017, British households spent an average of over £900 more than their annual income. This figure demonstrates the high levels of consumer debt that the UK is currently facing. Personal insolvencies are on the rise and the uncertainty of the economy while Brexit negotiations take place has left many people struggling with their personal finances.

Debt is a serious problem in the UK. Bankruptcy is always the last option, but to avoid it, consumers need to find a debt solution. Depending on the circumstances, consumers have the option to enter into a debt management plan (DMP), individual voluntary arrangement (IVA) or debt relief order (DRO). Logican’s debt management software enables companies to find the best debt solution and organise debt management for their clients.

In order to provide the best service, debt firms need a full credit history. The financial and emotional burden of debt means some clients may not be able to remember all of their lenders and owed payments. The Logican Experian credit reports help debt firms overcome this issue. These reports are invaluable for firms when carrying out their duties.

What Are Logican Experian Credit Reports?

Experian, the leading provider of credit reports, has partnered with Logican to create a credit report for those working specifically in the debt and IVA industry.

These unique reports give debt firms a comprehensive credit history of their clients. Using just the name, address and date of birth of the client, the report will show a detailed history, showing all areas of debt.

How Do Credit Reports Help Debt Firms?

Entering into a DMP or IVA can be emotional and stressful for a client in debt. As such, it’s common for them to forget where all the debts lie or be embarrassed about the amount of debt they’ve accrued. For those unable to remember all of these details, Logican Experian credit reports can highlight forgotten debts.

This access allows debt firms to create the best debt management solution for the client, based on their level of debt and how much they can afford to repay lenders.

These unique reports can be accessed via an online portal, making them easily accessible for businesses. Alternatively, the portal can be integrated into software, allowing businesses to retain their current work system and keep all relevant data in one place. As well as pulling accurate and reliable information, the information can be downloaded quickly, meaning companies can start the process right away.

The reports work seamlessly with Logican’s debt management software, which enables debt firms to keep track of all of their client’s debt and repayment plans. The combination of effective software and accurate credit history allows debt firms to confidently handle their clients’ financial circumstances.

Logican’s Experian credit reports for debt firms is an invaluable tool for managing client debt. Start your free trial today and experience the improvements to your workflow.