Equifax UK revealed on Monday (June 28, 2021) that they have appointed Phil McGilvray to serve as the new Managing Director for the firm’s Debt Services business, which incorporates TDX Group and Indesser.
An experienced commercial leader with a career of over 20 years focused on the financial services sector, McGilvray will be responsible for managing the growth and development of the Equifax debt services unit in the United Kingdom and Spain. This will include overseeing data recovery specialist, TDX Group, and public sector joint initiative, Indesser.
McGilvray will be reporting directly to Patricio Remón, President for Europe at Equifax and joins the company from Cabot Financial where he worked as Chief Operating Officer. Before serving in this role, McGilvray spent around 20 years working in commercial roles at American Express; including UK Chief Financial Officer and General Manager of UK Co-Brands and International Currency Cards, where he was responsible for leading teams of around 500 professionals across EMEA, the US and Asian markets.
Patricio Remón, President for Europe at Equifax, stated:
“Phil is a highly respected industry figure, with over two decades of experience leading international teams in financial services. We’ve no doubt his knowledge and extensive expertise will make a hugely positive impact as we further build out our debt management services.”
Phil McGilvray, MD for Debt Services at Equifax, remarked:
“I’m excited to join Equifax at such a pivotal time for private and public sector recoveries management. I look forward to working with the Equifax, TDX Group and Indesser teams to further develop the strong, client-centric approach already running at the heart of debt services, whilst also untapping new potential and fostering further growth for the businesses.”
As reported earlier this month, Equifax UK made updates to its flagship credit risk product, Risk Navigator 5, which should establish a new standard in supporting improved decision-making and enhancing consumer credit outcomes. Implemented using Equifax UK’s largest-ever data set, Risk Navigator 5, has demonstrated its potential to provide a 6% average improvement in predictive power, which may lead to a significant increase in acceptance rates for credit applications. With access to more reliable, representative data sets, lending platforms and creditors will be able to make informed and explainable decisions.
The improved predictive power could also lower bad debt provisions, thus enhancing the portfolio performance of lenders.