The Car Finance Company - optimised verification and fraud prevention

Background
Since the company formation in 2007, responsible lending has been at the core of The Car Finance Company (TCFC) philosophy. As a car finance business which helps customers get the finance they need for the vehicle they want this approach is vital.

TCFC became a lending institution in its own right using directors and shareholders’ funds and it remains a private company. Over the past few years the company has grown significantly and now operates nationally throughout England and Wales and is looking to expand internationally.

The lender helps customers get the finance they need for the vehicle they want and works with its customers to help repair their credit ratings. This approach is aided by their technology, which helps customers manage their payments and ensure that they do not default on their accounts.

Callcredit has worked with The Car Finance Company since its inception providing the lender with access to essential data required to facilitate responsible lending decisions.

Objective
The Car Finance Company wanted a solution that would help:

  • optimise verification and fraud prevention through a basic checks
  • determine a customer's likelihood of fulfilling their credit commitments.

Solution
In order for TCFC to make more informed accurate credit decisions, instantly verify more applicants and stop incidents of fraud, Callcredit recommended its CallReport product.

By using CallReport TCFC can verify customers instantly and seamlessly without increasing exposure to fraud whilst being able to safely accept more customers.  Through the use of one solution all of The Car Finance Company’s requirements will be met.

  • As an identification, verification and authentication service, CallReport will enable TCFC to confirm an applicant's name, address and the presence or absence of any adverse public data. 
  • So the lender can assess a customer's likelihood of fulfilling their credit commitments, included in the report is the applicant's Gauge score, a credit score, based on public data, including details of their previous payment patterns and debts over the past six years, that rank consumers in order according to their individual credit risk.

Results
Combined with TCFC’s unique consumer focused approach Callcredit has helped the organisation to:

  • maintain the very highest standards of responsible lending practices
  • keep delinquency and write off at market leading low levels
  • provide confidence that the solutions in place are capable of dealing with higher consumer volumes with the growth the organisation has planned.

“We were looking for a customer verification solution that would complement our current approach of putting the customer first whilst at the same time meeting every customer face-to-face.

“Callcredit was very helpful and keen to listen to our needs. We found where other agencies weren’t as forthcoming and didn’t value us as a client Callcredit understood the importance of our requirements and provided a robust and effective solution.  CallReport was easy to integrate with no restriction to our current approach.  We would certainly recommend Callcredit.”  Mark Smith, Managing Director, The Car Finance Company

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