Responding to the interim findings of the FCA’s Credit Information Market Study (CIMS) in the UK.

November 22, 2022 by Jose Luiz Rossi

We welcome today’s recommendations, which will help deliver a better and more equitable credit market for everyone. Comprehensive, accurate data delivers better outcomes for consumers, and bringing more data into the CRA ecosystem will further improve those outcomes.

We are pleased to see the regulator taking action to ensure the UK financial system remains one of the most effective, innovative and competitive in the world.

Experian shares the FCA’s view that there are opportunities to improve the operation of the credit information market in the UK, and was happy to co-operate fully with the FCA’s team during the multi-year Market Study process.

A number of the remedies outlined in the FCA report were supported by Experian in a 2018 white paper, The Future of Credit Information. Amongst other things, this included establishing a base level of credit data for regulated CRAs to give consumers and lenders a clear, consistent baseline for credit reporting, while encouraging a competitive and innovative environment for non-regulated credit data and accurate insight.

Experian aims for consistently excellent data across its enterprise. It invests continuously to improve data coverage, accuracy, timeliness, richness and increase credit visibility of consumers to the financial system, and it continues to innovate to improve credit outcomes for consumers.