A SERVICE designed to spot people who are struggling with debt before they default on repayments was launched by a credit reference agency today.
Under the initiative, which has been developed by Callcredit, lenders will share details on customers' incomes with the credit reference agency.
Every month a computer system will analyse current account data held by banks on customers, cross checking it against information on people's credit commitments held by Callcredit to measure their ability to make repayments.
Banks will be given details on people who appear to be struggling so that they can offer debt management advice and not advance any credit.
The system will also highlight people whose positions need close monitoring.