FCA's Credit Information Market Study Interim Report and Discussion Paper - Which? response

Overarching comments:

• Which? welcomes the Financial Conduct Authority’s Interim Report on the state of the credit information market in the UK. We see reform of the credit information market as an opportunity to better serve consumers.
• We agree with the Financial Conduct Authority’s (FCA) assessment that a new consumer reporting governing body is required. However, the proposed approach of voluntary industry-led change would not go far enough and we instead suggest that the FCA considers proposing an independent public body.
• We support the mandatory sharing of data to designated Credit Reference Agencies (CRAs), supported by a clear designation framework as well as robust reporting requirements from CRAs to the FCA.
• We support the introduction of a single portal for consumers to gain access to their statutory credit information, raise disputes and record Notices of Correction (NoC).
• Better quality and more timely reporting of key data is crucial for both consumers and firms alike and must be prioritised in the course of credit information reform.