The equity gap

Equity finance for business growth

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Experts in credit management research

Building strong relationships with the finance and credit industry and with policymakers

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Accounting and Finance Department

Highly ranked across all three league tables (The Complete University Guide, The Guardian and The Times)

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Credit Management Research Centre

The Credit Management Research Centre (CMRC)

The Credit Management Research Centre (CMRC) was established in 1998, with funding from the Institute of Credit Management (now the Chartered Institute of Credit Management CICM), commercial sponsors from the credit industry, and research grants.

Recognising the important role of knowledge transfer activities, the research programme combines academic rigour with practitioner and policy relevance. We consider industry and policy partnerships and engagement as critical factors in our commitment to dynamic and relevant research, innovative teaching, and engaging PhD and Research Degrees.

25 years

Est. 1998

Celebrating the Credit Management Research Centre's anniversary

Over £5m

Funding to date

Commercial sponsorship, research grants and government projects

ESRC award

Best application of management or social science

2007 National Knowledge Transfer Partnership Awards


  • Recent work with the Department for Business, Energy and Industrial Strategy (BEIS) has focussed on business finance and policy forecasting. This includes studies of equity finance provision in the UK and regions, and modelling the costs, risks and benefits of COVID loans schemes. Centre Director, Professor Nick Wilson, was a member of the rapid response policy team at BEIS during the pandemic period. The work on equity finance formed a Research Excellence Framework (REF) 2021 Impact Case.
  • CMRC has had funding for Knowledge Transfer Partnerships (KTPs) with consumer credit providers. Recent work has explored the utility of Artificial Intelligence in consumer credit risk modelling and credit scoring with Novuma Consumer Finance.
  • Professor Wilson is co-investigator on a project funded by the ESRC that is analysing productivity in the Small Firm sector and access to finance. The work is being coordinated across the Universitys of Leeds, Edinburgh, St Andrews, Bath, Warwick, Susses and Oxford Brookes.
  • Professor Wilson was awarded a University of Leeds ‘Certificate of Outstanding Achievement’ for ‘Academic Excellence in Enterprise and Knowledge Transfer’ in 2006. In 2022 he received an award for Research Impact.
  • The spin-out company, CreditScorer Ltd set up in 2001, provided risk and portfolio management solutions for lenders to the UK corporate sector. It was owned and controlled by the University of Leeds from inception in 2001 until it was acquired by Bisnode AB in 2007.
  • CMRC colleagues have contributed research and analysis to inform policy decisions and implementation. Including work for BEIS, HM Treasury, Bank of England, HMRC, British Business Bank and the National Audit Office. CMRC continues to work with professional bodies and commercial organisations in the credit industry.
  • Professor Wilson is currently acting as a judge for the 2023 British Credit Awards.


Credit management is established on the curriculum within the University of Leeds degree programmes, particularly in the area of risk modelling and credit scoring. These include our BSc Accounting and Finance and MSc Accounting and Finance programmes.

Doctoral research has been an integral part of the work carried out by the Centre and has achieved a number of PhDs in areas ranging from risk modelling, trade credit and working capital management to private equity and venture capital investment. CMRC invites applicants for PhDs in credit related research. Further information on our PhD and Research Degrees can be found here.