UK Banks Unite to Tackle Bad Debt

Four of the UK's leading high street banks have joined forces in a bid to tackle the problem of consumer over-indebtedness in the light of increasing concerns about levels of bad debt.

HBOS, HSBC, Lloyds TSB and the Royal Bank of Scotland have agreed to share their application income and current account data with credit reference agency Callcredit in a bid to improve communication between banks over levels of personal debt.

The scheme will alert banks to consumers who are already substantially in debt with one of their rivals in a bid to stop continued lending to borrowers already lacking the means to meet their existing commitments.

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