MS19/1: Credit Information Market Study

Read MS19/1.1 Terms of Reference (PDF)

Our market study

Credit information plays a critical role in many markets. It can impact consumers’ access to a range of financial services (including mortgages, loans and credit cards) and in some cases the price they pay for them. This is significant as, according to the FCA Financial Lives Survey, nearly 4 in 5 adults hold at least one credit or loan product. Furthermore, those vulnerable customers for whom a lender’s decision is more finely balanced are most likely to be affected if the credit information market is not working well.

The market study will focus on the following themes:

• the purpose, quality and accessibility of credit information
• market structure, business models and competition
• consumers’ engagement and understanding of credit information and how it impacts their behaviour

In exploring these themes, the market study will assess how the sector is working now and how it may develop in the future.

Next steps

We have been analysing information from credit reference agencies, data contributors, providers of credit information services, users of credit information, and consumer organisations.

We will report on our preliminary conclusions in Spring 2020 including, if appropriate, a discussion of potential remedies.