Alektum Group have introduced a unique solution in the form of a web-based system - "Simple Consumer Credit" - that assesses the customer's repayment capacity and allows e-retailers and credit providers to more easily meet regulatory requirements, thereby avoiding costly fines from the Consumer Agency.

The background for this development is an EU directive which, according to the Consumer Agency, requires that for certain types of loans extensive credit checks are undertaken in addition to the usual credit report.

These rules apply when the customer must take out credit or payment plans. It requires the customer first provide information about how their finances before a credit decision can be taken.

The rules are intended to give the lender a better idea of the customer's repayment ability. Many of our customers come to us with questions abut this kind of thing, and ask for solutions. We decided that we should develop a proprietary product that solves the problem, and we have already noticed a great interest in the market, says Gunnar Algemark, COO of Alektum Group Information.

Simple Consumer Credit launched in February. The solution requires no major IT investments or adaptation of existing systems. The module is integrated into the customer's web shop and ERP system and then handles all logic and dialogue needed to process applications, overdrafts and long installment plans, as required by the new rules.

In practice, it is possible for the customer to log in using their BankID and fill in their details. The system then analyzes the data and provides answers to the creditor directly, about the debtor's creditworthiness and on the basis of the information provided. The customary credit report, along with the tools to assess repayment capacity, can then be the basis for credit decisions.

Because we manage the system fully, we can be sure to always be able to offer services that comply with the prevailing laws and regulations.
The rules for extensive credit checks have been around since 2011 but it is only recently that the Consumer Agency has seriously taken hold of the issue. The rules aim to create conditions for a healthier consumer climate, and are aimed to help reduce the indebtedness of the society.

We look forward to launching a new product that can really prevent over-indebtedness of vulnerable individuals, a tragic situation faced by all involved, including debt collection companies that actually serve only those who can pay. Solutions that this shows how our investment in a unique credit bureau is paying off in the form of innovation and deeper customer partnerships, says Mats Augurell, CEO Alektum Group.

Gunnar Algemark, COO Alektum Group Information, telephone 0703-10 41 91 or