Equifax, a consumer credit information and identity verification service, has launched its SecureMark Digital Certificate service for the online lending market.
According to the firm, it covers the way lenders process credit applications and acquire new customers online.
The firm reports recent changes to the Consumer Credit Act allow the use of digital certificates to sign credit applications online. Equifax, a provider of digital certificates, is now providing lenders and other organisations undertaking financial transactions with what the firm calls a secure method of online signing, which complies with the Consumer Credit Act. It improves the speed of credit applications processing, it is claimed.
What they say
"Industry statistics suggest that it can take up to 90 days for a credit or loan application form to be signed and returned through conventional postal methods," said Steve Taylor, Product Director, Equifax. "But by using Equifax Securemark Digital Certificates, lenders can offer consumers a facility to complete and submit a signed loan application online. And we believe this will significantly enhance the customer‚s experience as well as improve the lender‚s acquisition targets."
