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5th December 2017
Leading credit reference agencies launch information to support GDPR
Callcredit, Equifax and Experian are launching an industry-wide Credit Reference Agency Information Notice (CRAIN) in readiness for the implementation of the new General Data Protection Regulation (GDPR) on 25th May, 2018.
This notice will ensure that the financial industry delivers standardised, clear and consistent information to consumers to explain how credit reference agencies (CRAs) 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 CRAs have worked closely with various trade and industry bodies to develop the notice. It is hosted on each of the three CRAs’ websites so that lenders and other financial providers can easily direct their customers and prospective customers to the information it provides.
Steve McNicholas, Managing Director, Credit and Marketing Data, Callcredit, said: “We are in the age of the empowered consumer where we all recognise the importance and value of our own personal information. CRAs are an integral part of the consumer lending process and wider information ecosystem. Helping people understand how their data is used and shared and how they can challenge its accuracy is an important issue.”
Steve Martin, UK Data Protection Officer at Equifax, added: “Data sharing between lenders and CRAs 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 CRAs in the financial industry. ”
Clinton Hook, Head of Data for Consumer Information Services at Experian, said: “Credit data sharing plays a vital role in the smooth running of the economy, bringing important benefits to both businesses and consumers. In a world of new opportunities, open banking and growing technological innovations, we believe people should have access to and then understand the information they are given on credit.”