Anchor Computer Systems, part of the Aryza Group has become the latest organisation to join the Vulnerability Registration Service (VRS) as a member to help its consumer lending clients better identify and support vulnerable customers.
The membership means that their Sentinel Loan Management System is now integrated with the Vulnerability Registration Service. As a result, lenders using the Sentinel Loan Management system to support their loan applications will be able to check against the database and be alerted if there is a vulnerability flag registered against a customer record during the loan origination process. This includes those that are at risk to fraud.
Paul O’Sullivan, Chief Executive Office, Anchor Computer Systems, said: “By integrating with the Vulnerability Registration Service, our lenders will now be able to better identify vulnerable customers and put in place the most appropriate steps in their underwriting process to deliver the best outcome for the customer. This provides an extra layer of protection to both lenders and consumers – enabling our lenders to meet their regulatory obligations regarding the fair treatment of vulnerable customers.”
A not-for-profit organisation, the Vulnerability Registration Service provides the UK’s first central vulnerability database. Free to use for individuals, it provides people with a single place to register their vulnerable status. It includes those in financial distress, with mental health problems, at risk of financial abuse, victims of fraud, and their representatives, such as those with power of attorney. For organisations, once they have registered as members, they can check against the database to identify where vulnerability exists in order to reduce debt, financial problems and harm amongst vulnerable customers.
Helen Lord, Director of The Vulnerability Registration Service concluded: “We are very happy to welcome Anchor Computer Systems and for their support in helping lenders meet their regulatory requirements. We are seeing a big increase in the number of organisations joining our membership. This is great news, as the more organisations come together to share data and access our database, the more support vulnerable people will receive.”
For more information on the Vulnerability Registration Service and how organisations such as lenders, creditors, collections and utility companies can join its membership, visit: www.vulnerabilityregistrationservice.co.uk