You are here: Home - News -

Equifax launches tools to assess bank accounts and disposable income

  • 07/06/2017
  • 0
Equifax launches tools to assess bank accounts and disposable income
Equifax has launched a set of tools to help lenders gain a better understanding of a customer’s financial background and disposable income status.

The set of tools, which are available at application stage and throughout the life of the loan, analyses the borrower’s current account turnover.

Equifax believes the combined insight into the applicant’s income, outstanding debt and credit usage, will give lenders a clearer understanding of the customer’s capacity to make repayments and will help them set appropriate terms for the loan.

The product uses data supplied by banks and lenders as part of a closed user group. Brokers can use this product if they are acting on the behalf of lenders, using the lenders permissions.

Functions of the enhanced toolkit are:

• Current Account Turnover (CATO) Affordability Indicators –

These provide information on the customer’s current account turnover, level of unsecured debt relative to turnover and significant changes to turnover.

• CATO Affordability Index

This helps lenders segment and monitor their customer population with evidence of income level (turnover) and current account usage and to establish the appropriate credit terms for individual circumstances.

• Credit Indicators

These provide a transparent view into key indicators of current and future financial distress to assist lenders with fair and tailored treatment of their customers.

Jake Ranson, chief marketing officer – Europe at Equifax, said: “Assessing a borrower’s capacity to meet their repayments is increasingly vital to protect against over indebtedness.

“These new creditworthiness and affordability indicators are an important part of our strategy to use new data insights to deliver enriched intelligence to our clients. The tool set will assist lenders in meeting their responsibilities to their clients and their regulators, providing a comprehensive picture of a borrower’s financial standing, and a transparent view of signs of credit distress.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • Jo Wilson from Legal & General Home Finance talks about her Best BDM nomination and her love for the equity release…
  • Sponsored content: Four reasons your client wants a product transfer by Halifax Intermediaries…
  • Nationwide trims rates as Accord ups cashback on buy-to-let deals -

Read previous post:
Coventry BS offers £500 cashback on residential and offset deals

Coventry Building Society is offering £500 cashback on all fixed-rate residential and offset products for first-time buyers and homemovers.