UK, 29 November 2017: 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.
Clinton Hook, Head of Data for Consumer Information Services at Experian, said: “Credit data sharing plays a vital role in the smooth running of the economy, bringing important benefits to both businesses and consumers. In a world of new opportunities, open banking and growing technological innovations, we believe people should have access to and then understand the information they are given on credit. Their credit histories should help them make informed decisions about their financial futures. We believe CRAIN will support greater transparency, consistency and clarity, and be of value to all UK lenders as they prepare for GDPR.”
The CRAIN document is available to download.
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