MODA - NEW database shares customers finances in real time

LondonLondon

Anyone heard of MODA? Call Credits new database that shares customer's credit / financial information in real time.

I wonder how quickly financial information is shared? Currently, many lenders reports several weeks [or even up to a couple of months, sometimes] to show on some CRA's such as Experien.

MODA appears to want lenders to have to customer's financials, credit card spending, payments etc etc in real time.

I wonder if this sort of real time surveillance is good or bad for customers? Not only are monthly reports submitted to CRA's but now they have real time access to what we're doing right now.

jonnyb

http://www.callcredit.co.uk/press-office/news/2014/06/callcredits-new-data-sharing-service-moda-goes-live

JKSandy

"Those who have already signed up to the new initiative include Wonga, Uncle Buck, Pounds to Pocket, QuickQuid, PDL Finance (Mr Lender), Cash on Go (Peachy), MYJAR, My Mate, Northway (Swift Sterling), Sunny , Trusted Cash, Trusted Quid, and MEM (Payday Express)"

Classy.

Westminster

This is an old initiative which is - I believe - aimed at silly silly people who go to numerous payday companies on the same day to try to get as much cash as possible.

Quite a sensible move I think.

Reported back in 2014: http://www.independent.co.uk/news/business/news/payday-lenders-to-share-real-time-information-on-consumers-as-research-reveals-nearly-one-million-9060586.html

And Experian have been at it for a couple of years: http://www.thisismoney.co.uk/money/cardsloans/article-2552231/Credit-reference-agency-Experian-offer-lenders-real-time-data-borrowers-prevent-falling-debt-spiral.html