Recent changes to the Consumer Credit Act allow the use of digital certificates to sign credit applications online. Equifax, an established and accredited provider of digital certificates, is now providing lenders and other organisations undertaking financial transactions with a highly secure method of online signing, which complies with the Consumer Credit Act and significantly improves the speed of credit applications processing.

"Industry statistics suggest that it can take up to 90 days for a credit or loan application form to be signed and returned through conventional postal methods,"confirmed Steve Taylor, Product Director, Equifax. "But by using Equifax Securemark Digital Certificates, lenders can offer consumers a facility to complete and submit a signed loan application online. And we believe this will significantly enhance the customer's experience as well as improve the lender's acquisition targets."

Designed to be seamlessly embedded within a lender's own online application processes, the Equifax SecureMark Digital Certificate interface utilises Equifax eIDverifier. This robust identity verification system reliably authenticates the consumer online before issuing a digital certificate for use in digitally signing the credit application.

"Equifax is the only provider in the UK recognised as meeting the requirements for authenticating an individual or a business online and providing a certificate under the Electronic Signatures Regulation," confirmed Taylor. "This means lenders can utilise the benefits of legally binding electronic signatures without having to invest in creating their own technology solutions to meet signature compliance regulations. And lenders who implement Securemark Digital Certificates as part of their credit application process will have the confidence of a greater level of protection from financial risk for their online business."