Information giant Experian this week launched a new online reporting system to allow finance companies to monitor the car loans they provide and help crack down on fraud.
The system has been piloted by several finance houses, including Lloyd's UDT, Chartered Trust, Ford Credit and GE Capital Woodchester.
It works by notifying users when there are changes to the DVLA's keeper details. This means if cars being financed are sold or refinanced, or if elements of the vehicle's identity change, such as colour or plate, the financier is immediately informed. They can then contact the customer to check the status of the vehicle and the outstanding finance payments.
GE Capital Woodchester chief executive Adrian Grace said: “As well as improving our own customer service, we were also concerned to find a system which would help prevent finance fraud.
“Quality of data, speed of delivery and an automated delivery method were paramount and we found Experian's system the only one able to deliver these features.”