Equifax, the credit information and analytics provider, has urged mortgage lenders in the UK to use verified income data to help sustain market growth.
According to research by Equifax, evidence suggests that the actions required to comply with new guidelines coming out of the Mortgage Market Review (MMR) also give lenders the opportunity to sustain the growth that has been seen in the first-time buyer market in the last year.
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Equifax said verified income data was fundamental in determining consumer affordability for responsible lending and when combined with other credit data could help lenders pinpoint customers who could safely take on new debt.
Equifax offers a range of financial stability products designed to make income data accessible as an integrated component of application and customer management processes.
Martin Hagerty, head of banking and financial institutions at Equifax, said: "Building Equifax’s new verified income data into credit scores will give lenders offering mortgage products improved affordability insights for new customer acquisition.
"This will allow them to segment and find pockets of opportunity in populations that may, previously, have been thought too high risk."
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By GlobalData
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