UK, June 23, 2020: The UK’s three largest credit reference agencies (CRAs) have collaborated on a new guide to help people understand how their credit-related information is used by lenders.
Equifax, Experian and TransUnion have launched the guide – Understanding your credit information and how lenders use it – to inform people about the factors lenders consider when deciding whether to accept an application.
The guide also explains what happens to people’s information after an account has been opened and a person’s rights if the application is refused.
It highlights the importance of regularly checking your credit report and score, as well as sharing the steps a consumer should take if they’re the victim of identity fraud.
Additionally, it outlines the different types of credit-related information and who can use it for what purposes, while explaining people’s rights and what they can expect from the organisations that use their information.
James Jones, Head of Consumer Affairs at Experian, said: “Experian’s long-running public-education programme was set up to help people understand the role credit reference agencies play, how their credit information is used, and what their rights are. While we have made progress, including tackling some of the common misunderstandings, we know there is still work to do. This is why we have joined forces with the other main credit reference agencies to help create and launch this new comprehensive credit information guide. We hope it will inform and empower many people.”
Common misnomers about credit-related information are also tackled in the guide.
Top five credit myths… and the truth:
You can download the Understanding your credit information and how lenders use it guide from Experian.
Ade O’Connor, Senior PR Manager, Corporate and Business, Experian
T: 07583 085 796 / E: ade.o’firstname.lastname@example.org
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