EQUIFAX OFFERS BANKS CRUCIAL INSIGHT AS LETTERS GO OUT TO CONSUMERS WHO MAY HAVE A RIGHT TO CLAIM FOR MIS-SOLD PPI
Equifax enables banks to improve PPI claims procedures
London, 6th March 2012 - It has been reported that, today, banks will be sending out letters to thousands of customers who may have been mis-sold PPI. Leading consumer credit and analytics expert, Equifax, is offering these organisations crucial insight to give them a clear picture of PPI claims entitlement amongst their customers.
“We know that establishing total exposure to PPI claims is a challenge, especially where banks have offered multiple products with PPI policies over the last 6 years” explained Karl-Magnus Wadsack, Strategic Consultant, Equifax. “We have, therefore, developed Equifax Single Customer Insight for regulatory compliance to play a crucial role in helping banks identify and verify claimants so that they can pro-actively contact customers and handle claims accurately and efficiently.
“Using Equifax’s comprehensive consumer datasets to match PPI and credit account databases, we can also help banks to ensure that opportunistic fraudsters aren’t able to profit over genuine claimants. Helping these firms ensure that they pay out on claims in the most cost-effective manner is particularly important in this next stage of the PPI claims process.”
Equifax Single Customer Insight for regulatory compliance enables banks to accurately calculate their claims exposure, even across different brands and products. Plus the matching process can qualify the eligibility of a PPI claim, for example, where there is a discrepancy between policy and loan terms or where a policy was put in place outside of specific age limits.
The Equifax solution offers financial service firms several distinct benefits:
- Correctly identify eligible claims - Equifax’s ‘evidence-based’ matching process utilises data on more than 45 million adults across 28 million households representing 98% of the population to qualify the eligibility of a PPI claim. Crucially, with credit histories and address links maintained for six years, Equifax is ideally placed to provide banks with the history to meet the new FSA requirements for PPI products
- Identify customers with multiple products that may have PPI policies - The Equifax Single Customer Insight process shows whether customers have more than one product relationship with a firm, which is vital in providing a consolidated view of PPI claims exposure
- Trace and target claimants - Data enrichment is used to update claimants’ contact details on a bank’s database, appending information from Equifax’s own data sources in order to ensure that the right individuals are contacted in the most efficient manner
- Develop an efficient, robust claims management system - The Equifax rules-based system minimises the chance of duplication or overpayment during the claims process, reducing errors and costs
- Demonstrate best practice to customers and the FSA - By establishing the total PPI redress exposure and claims value, Equifax helps firms accurately plan resources to handle claims as efficiently and fairly as possible
“The banks will want to deal with this latest stage in the PPI claims process in the most customer-friendly and efficient way”, concluded Karl-Magnus Wadsack. “It is, however, a complex issue. It’s vital, therefore, that they have the greatest possible insight into their customers’ PPI purchases.
“Equifax Single Customer Insight for regulatory compliance combines our best-in-class data and leading-edge analytics expertise to help banks identify and resolve PPI redress quickly and effectively, with a high level of accuracy. By working in partnership with the banks we are helping to improve the claims experience for customers.”
For further press information please contact: Wendy Harrison, Jenny Thorneywork or Clare Watson at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: firstname.lastname@example.org
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 17 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.