Credit Reference Agencies
The question
To ask the Chancellor of the Exchequer, if she will take steps to simplify the process for requesting a credit freeze from consumer credit reporting companies.
Answered by Emma Reynolds
The Financial Conduct Authority (FCA) recently conducted a study on the credit information market — the Credit Information Market Study — to understand how this market operates and assess whether it is working effectively for consumers and lenders.
In December 2023, the FCA published the final report for this study, proposing twelve remedies to improve the market. One of the remedies recommends that credit reference agencies (CRAs) streamline the process for consumers to add ‘credit freeze’ markers to their credit reports and ensure these markers are automatically registered across all CRAs. The FCA and industry are jointly establishing a new Credit Reporting Governance Body, which will be responsible for overseeing the sharing of credit information and implementing this recommendation.
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