The FCA launched the Credit Information Market Study in 2019 and released the initial findings on 22 November 2022 to better understand how the credit market operates and the impact it has on consumer outcomes in the financial services sector. As one of the UK’s three main credit reference agencies, Equifax has cooperated fully with the FCA on its study and we welcome working with FCA and industry in helping shape the future of credit information.

The interim findings contained in the study present a number of recommendations and points for discussion that we will be reviewing with consumer groups, the regulators, and all users of credit information to further improve the credit market as we have done before.

Some of the areas that have been identified for closer review to improve customer outcomes include;

• Improving data quality, coverage and availability of credit information,
• Establishing a new, more representative and accountable industry body,
• Identifying actions to enable greater competition and innovation through potential changes to data access,
• Potential obligation on lenders to report data to all designated Credit Reference Agencies,
• Changes to how consumers request amendments to their credit data.

Regulatory controls and guidance play a major role in shaping our product and service offerings as we seek to help businesses make better decisions and improve customer outcomes. Whether it’s client onboarding or recovering debt, Equifax is committed to helping our customers meet and exceed Regulatory requirements.

Over its 120-year history, Equifax has helped to evolve the UK’s credit information market by innovating new ways to collect, correct, and connect data. Data that allows credit providers to lend responsibly, and helps borrowers to understand how lenders view them and the simple steps they can take to improve their access to credit in future. We do this to create a fairer financial future for all and welcome this market study as an opportunity to do just that.

We welcome our clients, prospects and others in the market to join us in the debate to help shape the future of credit access and business decision making.