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The UK payment account compound called APAC made an important announcement to introduce important improvement, and establish data-sharing processes. On behalf of the credit card industry, this announcement was made.

The APAC members will share the "behavioral data about their customers' accounts, according to this notice.

This initiative will begin with five major credit card companies-issuers are 1.Barclaycard, 2. Capital One, 3.GE Money, 4.HBOS and 5. MBNA.  As of this month, theses five credit card issuers will begin to share data. In accordance with their IT plan, other Credit Card Number issuers will comply with this. Through this system of information exchange, people who have economic problems will be identified. The new system will help the credit card industry to fulfill its commitment to lending policies, revised by the Banking Code, which will enter into force by March this year.

Through this new initiative, data on the size of their last payment and if that is the minimum payment changes credit limits, to what extent they take out cash on their account and if the customer has signed up to any promotional offers. This latter is important because it helps a lender to distinguish between those customers who always pay the lowest amount to him because of financial difficulties, and customers who can pay, but avoid doing this because of the deals they have obtained. These data systems will help the lender to obtain full and clear information about their customers' credit card use. This in turn will help the lending industry in the long-term commitment to responsible lending. This new data system allows credit card issuers to manage their clients and to determine before lending to those who are already struggling to clean off their old debts. This will enable lending to help its customers in early stages
Paul Rodford, APAC "head of card payments, said that the Holy Grail for credit card companies to obtain data that could predict the customer's future ability to repay. At an earlier stage, for they have shown signs of debt stress. And to ensure that those already struggling not receive additional credit.

But it is an important step taken in the card industry's ongoing commitment to responsible lending. It took a lot of work and investment to achieve and that would bring real benefits to the consumer.

Peter Tutton, Senior Policy Officer, Citizens Advice and comments Citizens Advice welcomes the news that this important accessory to data sharing is now up and running, and it is their personal opinion that customers who show signs of experiencing debt stress are identified at an early stage, so that appropriate help can be given. It is now important to tenants to fully exploit this additional information as part of an ongoing commitment to responsible lending.
APAC has revised its consumer guide, and explained how behavioral data will now appear on their credit report with this message, which contains the information held by a credit from a credit reference agency and explain why it is important for consumers to keep their credit records.
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