Our research

A close up of the door to a bank

The Credit Management Research Centre (CMRC) works closely with the credit industry and provides research that informs policy. Members of the Centre work with major lenders and organisations associated with the credit information infrastructure, including those in the ‘distressed debt’ market, debt buyers and collections and recovery operations.

The efficient functioning of credit and debt markets is vital for global economic growth. The financial crisis and recession have focused much attention on the quality of lending decisions, portfolio management and the role of the regulators. Governments have a considerable debt management function, not least the collection and recovery of tax revenues. CMRC, through the National Audit Office has played an important role in informing government on best practices in debt management.

Since inception, we have built up comprehensive databases on the UK corporate and SME sector along with detailed case histories of the changing practices governing debt management, collection and recovery. CMRC has been involved in recent initiatives around the integration of ‘big data’ into our databases and modelling.

Our research on corporate lending and business-to-business trade has gained international recognition as well as informing policy making within the UK. 

We focus on three main research areas:

Consumer credit

  • Credit and debt in the economy
  • Bankruptcy modelling and forecasting
  • Financial institutions, large volume lenders and credit and debt management
  • The role and development of the credit services industry (credit information, distressed debt management)
  • The regulation of credit markets

Commercial credit

  • Commercial risk and insolvency modelling
  • Basel II Advanced Internal Ratings Based models
  • Commercial lending
  • SME Financing
  • Private equity and corporate risk
  • Governance, director characteristics, board diversity and company performance
  • Business-to-business trade (domestic and export)
  • Credit services (credit information, credit insurance, factoring, debt collection)
  • Dynamic Panel and other advanced econometric methods applied to corporate panel data   

Credit scoring, risk and propensity modelling

  • Application and behavioural scoring (methods and applications)
  • Survival, hazard and competing risk models
  • Discrete time and continuous time hazard models
  • Debt pricing
  • Customer propensity models


CMRC's strategy is to develop a distinctive international profile through links with the industrial and commercial sector and governments, coupled with a strong academic publication record. 

Our objective is to involve leading academic scholars to come together in a series of research collaborations as well as specialised symposia and larger conferences to explore the many complex dimensions of:

  • Credit granting
  • Management and the functioning of credit markets
  • Corporate performance
  • Regulation
  • Policy intervention

Find out more

Professor Nick Wilson’s research found that small, new innovative companies in the UK collapsed by a third during the Covid-19 pandemic, damaging the prospects of thousands of high-growth firms. Read more.

Explore CRMC publications here.

If you are interested in working with CMRC, contact Professor Nick Wilson.