Tag Archives: car credit

Business, Financial, Financial Services, Loans, Money

Efficiency Uplift As Finance Firm Takes To The Clouds

Cloud computing is set to deliver a down-to-earth £40,000 annual saving for a major UK finance group – and provide an ultra-secure back-up for millions of pieces of vital company information.

The Funding Corporation, based in Chester, is now getting ready to scrap more than fifty percent of the 100-plus servers currently used to back-up its customer files and other data.

In place of the costly and bulky physical technology will come a remote back-up facility provided by computer data recovery specialist Acronis.

Not only will the move represent major financial savings for the company, it will also achieve a vast reduction – of over 90 percent – in the time previously spent retrieving archived data.

Time taken to create a full back-up of The Funding Corporation’s systems and information will also be greatly scaled down.

Data sent to the “virtual servers” provided by Acronis is fully encrypted, and the system meets the strict security regulations which govern data storage by members of the financial industry.

Dan Tinsley, Principal Systems Engineer at The Funding Corporation, said that the company’s rate of growth meant that its previous back-up and recovery systems were becoming untenable:

“Simply adding more and more servers to hold our data would not be cost-effective, and would have meant constantly increasing the time taken to retrieve stored information.

“Now, however, we can look at executing a full recovery, should it ever be needed, in a matter of hours instead of days using the company server-based system,” said Dan.

He also points out that by using off-site storage provided by Acronis, The Funding Corporation’s data is completely protected from potential disasters such as fire, floods and theft.

The company, recently named “Responsible Lender of the Year” by Credit Today, provides motor finance for the growing number of people unable to borrow from mainstream lenders.

Via EPR Network
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Financial, Financial Services, Loans, Money

“You’re Not Alone” Squeezed-Out Borrowers Assured

A fear of rejection is driving more professional people to seek out non-prime motor finance, according to a major lender to those with impaired credit records.

The Funding Corporation believes that a growing number of its customers are those who realise that an application to a mainstream lender for car finance is likely to be declined.

That’s because even minor blemishes on a credit file, such as a few missed credit card or mobile phone payments, can now add up to the rejection of a loan request its says.

Now the company is seeking to assure such customers that they are far from alone in possessing a higher salary which is accompanied by a low credit rating.

A general practitioner, a university professor and a commercial airline pilot are among those who have recently approached The Funding Corporation for help to buy a car.

The company, recently named “Responsible Lender of the Year” by Credit Today, says those with concerns realise that a refused application could damage their credit status even further.

“For this reason, they often de-select themselves from high street lenders rather than have an unsuccessful credit search show up on their file,” said Richard Cox, Head of Motor Operations.

“If we are able to accept them for finance, then they get the loan they need and the opportunity to start repairing their credit record by keeping up repayments,” he added.

The Funding Corporation, said Richard, finds that an increasing number of applicants likely to be considered a “bad risk” by other lenders are younger professionals.

“In these cases, we look more closely at the reasons for any past difficulties and the likelihood of any issues recurring, as well as the person’s ability to service the loan,” he said.

“Often we find that there is no evidence of a chronic repayment problem, but simply past lapses which have since been remedied and are unlikely to reoccur.

Via EPR Network
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