0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Credit reference agencies unite to aid GDPR preparations

Callcredit, Equifax and Experian have launched a Credit Reference Agency Information Notice (CRAIN) to help lenders and consumers prepare for GDPR.


Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

 

This notice will ensure the financial industry delivers standardised, clear and consistent information to consumers to explain how credit reference agencies use and share personal information, the type of information they hold, where it comes from and the legalities of handling personal data.

 

The document addresses the requirements of GDPR to ensure credit data sharing can continue to support responsible lending, to help combat fraud and money-laundering and to support the fair and proportionate collection of debt.

 

The credit reference agencies have worked closely with various trade and industry bodies to develop the notice - which is hosted on the agencies’ websites so lenders and other financial providers can easily direct their customers to the information it provides.

 

Steve Martin, UK data protection officer at Equifax, said: “Data sharing between lenders and credit reference agencies helps consumers access the right products, receive relevant communications and better manage their finances.

 

“With over 500 lenders in the UK, this one standardised notice will support GDPR’s drive for enhanced transparency for consumers, providing clarity over the role of credit reference agencies in the financial industry.”

 

Clinton Hook, head of data for consumer information services at Experian, said people should have access to and then understand the information they are given on credit.

 

Both Hook and Steve McNicholas, managing director of credit and marketing data at Callcredit Information Group, believe the notice will support greater transparency, consistency and clarity, and be of value to all UK lenders as they prepare for GDPR.

Share on LinkedInShare on Twitter
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

EE and Virgin Media fined for overcharging customers

EE and Virgin Media fined for overcharging customers

Brexit minister Raab resigns after draft agreement struck

Brexit minister Raab resigns after draft agreement struck

Study finds four in 10 debt advice clients did not disclose mental health condition

Study finds four in 10 debt advice clients did not disclose mental health condition

Upcoming events

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group