Landmark success for CallMonitor

Just over a year since its launch, 10 major banks and building societies including Lloyds TSB and HBOS are now using Callcredit’s CallMonitor product to keep a constant check on their customers’ creditworthiness.

CallMonitor, introduced in October 2006 and the first service in the UK to provide daily customer profile triggers using SHARE, CCJ, and bankruptcy data, has helped these financial institutions identify key changes in their customers’ financial circumstances, enabling users to spot when consumers may be at risk of over-indebtedness and identify any early signs of fraudulent activity.

Richard Fisher, Head of Banking Acquisition and Customer Management at HBOS comments “We were impressed with CallMonitor’s flexibility and ease of use and particularly its unique ability to provide triggered daily alerts, which keep us informed of all customer activity and enable us to take action on debt and potential fraud at an early stage to limit loss and ensure responsible lending. CallMonitor is a great example of Callcredit’s increasing reputation for delivering innovative information products and services for the for the consumer credit industry’.

Graham Lund, Callcredit’s Deputy Managing Director added: “We’re pleased CallMonitor has been so well received in the marketplace with HBOS, and other major financial institutions now using the tool to track well over 30 million consumers daily. We’ve worked with founder users of CallMonitor to continue to develop and add value to the product and it now has over 100 different trigger points. Clients are finding that for 20% of consumers they are risk assessing, they would have missed more recent alerts on a consumers account by using a monthly alerts service. As a result the early warning signs of bad debt or fraud remain undetected until the situation becomes difficult for both customers and lenders – CallMonitor was designed to overcome these problems by offering daily profile updates”.