Equifax welcomes ICO report on credit reference data quality
Credit reference agencies seen to demonstrate robust processes to ensure credit data accuracy
Equifax has welcomed the Information Commissioner’s Office (ICO) report, published today, following a review of the three UK credit reference agencies. Recognising the significant role credit information plays in the consumer credit marketplace, the ICO report shows each of the agencies have robust controls in place to protect consumer data.
Steve Martin, Head of Compliance at Equifax said: “We were very pleased to co-operate with the ICO’s review, earlier this year, of the systems and staff directly involved in managing our consumer information services. We are fully committed to ensuring only accurate and relevant information is updated and loaded to our databases so that consumers are assessed fairly when applying for credit and other services. We believe this is fundamental to a strong UK economy – enabling organisations to extend credit responsibly and giving consumers the ability to access the credit they can afford.
“The positive review from the ICO underlines that our processes, as well as our staff training and support achieve this objective. It also recognised that when a data inaccuracy is brought to our attention, we are committed to ensuring the issue is resolved as quickly as possible.”
Equifax recommends that individuals obtain a copy of their credit report at least once a year – in order to check that all the information seen by lenders is up to date.
Equifax offers a variety of services for individuals to check their credit report all of which can be accessed from www.equifax.co.uk. These include a one off £2 statutory report which can be ordered and accessed online or ordered online to be posted to them. In addition, online subscription services offer unlimited access with a 30 day free trial. The 30 day trial period is invaluable in enabling individuals to see and review all their data online for free. Individuals who wish to extend beyond the free trial are then able to monitor changes to their credit file as often as they like, as well as receive alerts so that they are kept informed of any changes resulting from a dispute.
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Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.