IMPORTANT INFORMATION – We are moving to Equifax Insight
We currently complete credit checks with our service provider Equifax, which is reported on a member’s file as a search for credit.
While we rely on credit scores from Equifax to assist with lending decisions and any search we complete is recorded, we don’t currently share our data with Equifax, such as each member’s loan balance and repayment history.
The Board of Directors, after lengthy debate, has decided to move to Equifax Insight by September 2023, which involves sharing member data. This will allow us to make better and more informed loan decisions for our members going forward.
What does this mean for me?
- If you have a current loan or default with East Kilbride Credit Union, this will be reported to Equifax.
- Your repayment history during the term of your loan will be reported to Equifax.
- Any arrears or missed repayments during the term of your loan will be reported to Equifax.
- The sharing of this data may affect your credit score.
What to do if I am in arrears of have defaulted?
If you are currently in arrears or have defaulted on your loan with us, please get in touch by telephone on 01355 224771 or via email email@example.com prior to 14 August 2023 to discuss your outstanding balance and plans for repayment to bring your loan account up to date.
We trust you will understand that as a lender, we need to adapt and amend our lending practices to best serve our members, following changing legislation, reduce arrears and safeguard the credit union for the future.
The Board of Directors
East Kilbride Credit Union