The VRS is a platform providing vulnerable consumers with a single reference point for recording their personal circumstances at a given point in time when they are looking to protect themselves against further debt or related financial problems. The VRS will help Users to identify consumers in potentially vulnerable circumstances.
The VRS provides Users with a Closed User Group (‘CUG’) environment whereby information provided by the consumer with their consent, or by a third party with a signed client authority or legal mandate to operate on the consumer’s behalf eg Power of Attorney, can be shared with other Users on a strictly reciprocal basis to protect the consumer from further financial hardship at a time when they consider themselves to be in a vulnerable position.
How the VRS works.
In practical terms the VRS will provide a “decision agnostic” platform to help support creditors and other user organisations to share information on consumers in potentially vulnerable circumstances.
The VRS provides a single reference point for consumers and organisations participating in the VRS, enabling an individual’s vulnerability issues to be handled sensitively and professionally.
The VRS is a platform providing vulnerable consumers with a single reference point for recording their personal circumstances at a given point in time when they are looking to protect themselves against further debt or where their well-being may not allow them to make reasonable decisions.
VRS will provide Users with a single reference point for checking whether any new applicant or existing customer looking for additional credit or financial facilities may have self-registered, either directly with the VRS or via another creditor and wish to protect themselves at a time when they consider they are in a vulnerable personal or financial position.
The VRS also has an application in existing customer relationships, such as in managing arrears and collections and employing the most appropriate strategies for a particular consumer’s wellbeing.
The VRS does not determine whether or why a consumer may be vulnerable nor does it process the information supplied other than for providing a platform for optional User interaction in the case of consumers that have identified themselves as being vulnerable.
