Meeting the challenge of declined credit
The latest Financial Lives survey from the Financial Conduct Authority (FCA) reveals a troubling statistic: 3.2 million UK adults have been declined credit in the past two years. That’s over one in five of the population locked out of mainstream financial services at a time when the cost of living remains high and financial resilience…
Read More5 ways to reduce bad debt
NestEgg is now able to provide credit unions with detailed risk analyses to optimise loan performance. Based on what we’ve seen, here are five ways to reduce bad debt. Watch those debt ratios Applicants with high credit card balances (using more than 75% of their limits) are the most likely to miss payments on credit…
Read MoreLending risk insights
Lending Risk Insights are a yet another new feature for our Decision Engine users. Achieving the right balance between risk and reward helps credit unions grow their loan book and reduce bad debt. NestEgg’s new Lending Risk Insights help responsible lenders achieve this win-win. For many years credit unions have faced uncertainty when assessing lending risk.…
Read MoreWhat are priority bills and what happens if they are unpaid?
When money is tight, it can be difficult to decide which bills to pay first. Some bills carry more serious consequences if left unpaid. These are known as priority bills. Understanding what these are and what happens if you don’t pay them can help you manage your finances more effectively and avoid unnecessary penalties or…
Read More7 mistakes that cost credit unions millions
…and how to fix them At last week’s ABCUL conference, NestEgg highlighted 7 key reasons why many credit unions struggle to grow their loan books. Drawing on insights from 250,000 loan applications worth £550 million (that were decisioned by NestEgg’s partner lenders since the last conference), the data shows that by avoiding these seven common…
Read MoreMaximising growth and efficiency: the power of NestEgg’s analytics
NestEgg Decision Engine users now have even more powerful lending analytics tools. These insights provide credit unions with deeper data-driven decision-making capabilities, ensuring stronger financial performance, optimised marketing efforts, and improved risk management. Are you growing? Understanding loan book growth is essential when reviewing financial performance and adjusting business plans. NestEgg’s Decision Engine enables credit…
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