We set out our initial findings from our credit information market study, and potential remedies for discussion and feedback.
Read the Interim Report and Discussion Paper (PDF)
We launched our study in 2019 because of concerns about the quality of credit information, strength of competition, and extent of consumer engagement and understanding.
The subsequent increase in the cost of living is likely to increase demand for credit and the risk of borrowers entering financial difficulty. This brings the need for a credit information sector which works well into even sharper focus.
The feedback period closed on 24 February 2023.
We will be further engaging with stakeholders to gather specific feedback on the potential remedies proposed in Annex 6 of the Interim Report. This engagement will first focus on the desirability and design of the potential reform to industry governance arrangements, including the objectives, remit and structure of the proposed new body. It will begin with engagement with existing Steering Committee on Reciprocity (SCOR) members. We will then seek input from a broader group of industry stakeholders.
Annexes to the Interim Report:
Credit information gives insight into an individual’s financial standing. It can affect consumers’ access to a range of financial services (including mortgages, loans and credit cards) and in some cases the price they pay for them.
Credit information also supports public policy aims such as responsible lending and reducing financial crime.
The credit information sector needs to work well to support retail lending and help ensure consumers have access to appropriate and affordable credit at a suitable price.
Our study looks at how the sector is working now and how it may develop in the future. We’re focusing on the following themes: