the vulnerability registration service
Coventry
The Vulnerability Registration Service (VRS) gives vulnerable people a single
place to register their status, helping them avoid repeating the same difficult
conversations every time they engage with organisations like lenders and
creditors. It is a “Not for Profit Company Limited by Guarantee” whose aim is to
help vulnerable consumers protect themselves against the financial, social and
very personal hardship suffered as a result of debt and financial problems. The
stakeholders in the VRS all have experience working in Consumer Credit markets.
There are regulatory, compliance, consumer affairs and IT expertise and
acknowledged experts on our management team and Board. The VRS has a separate
and independent Advisory Board of experts that meets regularly and feeds into
the VRS appropriate advice and innovation to help drive the VRS forward. There
has been considerable interest shown in the initiative since its launch from
consumers and businesses alike. The VRS continues to grow as awareness expands
among creditors and service providers of all sectors. Debt advice and mental
health organisations are also supportive of the work the VRS does, and using the
register to load consenting vulnerable consumers who wish to refer or auto
decline lending and credit applications. The VRS provides businesses with
instant API decisions and access to upload your consenting vulnerable consumers
onto the VRS register. They are also able to upload consenting consumers on the
VRS register via Secure File Transfer Protocol (SFTP) and retrieve data from the
SFTP.
