CCR enables new players to create market opportunities
Late last month we released our Quarterly Consumer Credit Demand Index, which revealed stronger than expected growth for the December quarter. This indicates that the demand for credit may be growing again.
These strong results were driven largely by activity in personal loan applications which increased by 12%. This growth came predominantly from new entrants in the personal lending space. Many of these organisations are hungry for new data sets that enable their customer experience strategies. These new entrants will be at the front of the queue for CCR.
Interestingly, the credit demand statistics show that these newer players are contributing to growth by ‘making market’ rather than ‘taking market’. If this trend continues, they will play a role in fulfilling one of CCR’s benefits to consumers – better access to credit for those who need it and a path to mainstream credit for those who have been excluded due to negative credit reporting.
Angus Luffman, General Manager Consumer Products, Equifax