ABOUT: The Final Report focuses on improving the credit information market to benefit consumers, firms, and the UK economy.
LINK: Credit Information Market Study Final Report
Summary
The Credit Information Market Study Final Report, published in December 2023, addresses the crucial role of credit information in financial decisions. It highlights the involvement of various market participants and acknowledges areas needing improvement based on an interim report from November 2022. Key findings include discrepancies in data coverage among major credit reference agencies and a lack of consumer awareness. The report proposes remedies across governance, data quality, competition, innovation, and consumer engagement, aiming to enhance market efficiency and consumer protection.
Key Points and Ideas
Credit information is vital for decision-making in financial services, impacting consumer outcomes and market efficiency.
Five main participants in the sector: Credit Reference Agencies (CRAs), da...
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