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Car finance saga: Millions of motorists to find out how they will be compensated. By PA News Agency Millions of motorists who were mis-sold a car loan will find out how they will be compensated (Alamy/PA) Millions of motorists who were mis-sold a car loan will find out how they will be compensated, as the finance watchdog shares its final plans for an industry-wide scheme. Final decisions on the long-awaited programme will be published by the Financial Conduct Authority (FCA) on Monday afternoon. The regulator set out draft plans last year but it is likely to make several changes after receiving more than 1,000 responses to its consultation. Under the latest proposals, the scheme will cover car finance agreements taken out between April 6 2007 and November 1 2024. The FCA estimated that around 14 million deals, or 44% of all those made since 2007, were unfair and therefore eligible for compensation. Consumers were estimated to be compensated an average of £700 per agreement, but it will be more or less depending on individual cases. This was expected to come at a total cost of £11 billion to the industry, including the total payouts and the operational costs of running the scheme. Craig Tebbutt, a financial health expert for Equifax UK, said: "It has previously been estimated that average compensation levels could be in the region of £700 per agreement but the final details around the scale, scope and timelines are expected to be confirmed on Monday. "However, there is nothing to stop consumers checking their paperwork now and getting their details ready in the meantime." He said research by the credit reporting firm found that "many consumers don't know how to check their eligibility and expect the process to be a hassle, with old or missing paperwork being a real barrier". Equifax has launched a car finance checker within its new app that lets people see a list of their past agreements and copy the details, with motorists encouraged to send a complaint to their lender using a template on the FCA's website if they think they're eligible for a payout. Lenders and car finance providers had been challenging the FCA's proposals with some raising concerns that the expected amount of compensation is too high and does not accurately reflect what customers lost. On the other side, some consumer groups and MPs have argued that many motorists will be short-changed under the current plans. The FCA has already announced some changes that it is making to the process since the proposals were unveiled last year. This includes giving lenders more time to contact motor finance customers from when the scheme is officially launched. But it is also aiming to streamline the process by allowing those due redress to accept it immediately without waiting for a final determination. It thinks that this means million of people would receive compensation in 2026. More Stories

Equifax shares have fallen to $178.02 following a 9.84% decline over 30 days and a 26.38% drop over the past year, prompting investors to reassess the company's valuation. Despite the selloff, Equifax reported annual revenue growth of 8.93% and net income growth of 17.42%. Analysts maintain an average price target of $237.60, suggesting the stock is 25.1% undervalued, though they recently trimmed targets by $1 per share. However, valuation metrics present a mixed picture. Equifax trades at 32.4 times earnings, above its peer group at 31.5 times and the US Professional Services industry at 19.1 times. The premium multiple suggests the market may already be pricing in significant growth expectations, raising questions about whether current levels represent genuine value or require additional conviction.

Equifax launches credit risk assessment solution for the Portuguese market. Equifax has launched Risk Score Individuals, a solution for the Portuguese market that assesses credit risk in real time. The tool integrates data from the Bank of Portugal, official income records, and public registries to support financing decisions. March 21, 2026, 3:37 PM Equifax announced the launch of Risk Score Individuals, an analytical tool developed for the national market. The solution allows entities across various sectors to assess individual consumers' credit risk through real-time data integration. The model uses information from the Bank of Portugal's Central Credit Responsibility Registry (CRC) - with the applicant's consent - along with official income data (IRS) and public records of bankruptcies or debts to the State. The system calculates the probability of default within a six-month horizon. The integration of Risk Score Individuals is carried out through the InterConnect platform, allowing API access for automated decision-making in digital channels. According to the company, the tool aims to meet the requirements of the European Consumer Credit Directive (EU) 2023/2225, which establishes standards for solvency assessment. Jon Egaña, General Manager of Equifax Iberia, states that the solution uses data from multiple sources to present consumers' financial situation. The tool applies both to immediate credit approval and analysis of high-value operations, such as mortgage credit, enabling detection of legal actions or insolvency proceedings. "With this new solution, Equifax reinforces its commitment to supporting financial institutions and credit providers in Portugal in risk management, default prevention, and promotion of more responsible credit practices through the use of advanced data and analytics," reads the statement.