Leading credit reference agencies launch industry-wide information notice to support lenders and consumers in GDPR world
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 25 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 will be 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 Martin, UK Data Protection Officer at Equifax, said: “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. Ultimately, ensuring all parties can continue to access and share data to make better informed financial decisions is good for consumers and lenders combined.”
The CRAIN document can be viewed via the following link: www.equifax.co.uk/crain