Reform of credit referencing vital to protect people from problem debt, regulator says 🔴 Individual or business credit referencing information is the basis for key lending decisions by banks and other companies
will magnify the need for improved information as consumers demand credit and lenders try to meet the demand without increasing the risk of borrowers getting into financial difficulties.
As a result, it warned too much credit can be provided to people whose risk is understated or withheld from those deemed to be more risky to lend to or whose risk is not understood.Companies challenging the dominant top three CRAs – Experian, Equifax and TransUnion – say they need access to historic credit records to be able to compete effectively.
“Our proposals will help consumers get better decisions from lenders and lenders to have confidence that the information they have access to is sufficiently comprehensive.”
Danmark Seneste Nyt, Danmark Overskrifter
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