FCA To Probe Quality Of Information In Credit Report Market

Law360, London (June 27, 2019, 2:49 PM BST) -- The Financial Conduct Authority launched a probe Thursday into how credit reporting companies provide customers with credit scores after the watchdog said it identified issues with the quality of information that ultimately determines if customers are offered loans.

The City watchdog said that it will investigate how companies within the credit information market operate and whether there is effective competition between them. The FCA will also review how accessible information is to consumers and whether vulnerable customers are denied access to cash because of unfair credit scores.

Banks will decide if a consumer can afford repayments to them by using information...

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