INSIGHTS ¦ Credit Information Market Study

Summary
The Credit Information Market Study Final Report, released in December 2023, explores the current state of the credit information market in the UK, identifying key areas for improvement and proposing a comprehensive package of remedies aimed at enhancing data quality, governance, consumer engagement, and fostering competition and innovation. It highlights the pivotal role of credit information in financial decision-making, identifies shortcomings in the existing framework, and sets out a blueprint for future regulation and industry-led initiatives to better serve consumers and firms alike.
Key Points

Credit information is crucial for effective financial decision-making in retail lending and broader financial services, impacting consumer outcomes and market efficiency.
The market comprises credit reference agencies (CRAs), data contributors, credit information users (CIUs), credit information service providers (CISPs), and consumers, with three large CRAs dominating the UK mark...