CML news & views

The CML possessions register, launched in the 1990s to record the details of borrowers who had been through the court process or voluntary possession, is to close this summer. The register once provided a useful credit assessment service to lenders, but has been superseded by services from other providers.

We recently completed a review of the register and concluded that the data it contains is now included in more comprehensive credit reference agency data. Services provided by the credit reference agencies are now much more sophisticated than the register. So, while the register provided an important service in the years after it was first launched, our review determined that it had now outlived its usefulness.

We have never used the register as a source for our data on arrears and possessions, which we will continue to publish as before based on separate surveys completed by members.

Having concluded that it is no longer worth duplicating data provided more effectively elsewhere, we wrote to members earlier this year explaining our decision to close the register. They have assured us that this will not adversely affect their businesses. Closure of the register will also not cause any detriment for consumers, and we intend to complete the process by the end of June.