Which? responds to the FCA’s decision to launch a market study into credit reference agencies

Gareth Shaw, Head of Money at Which?, said:

“Our research shows many people are confused by credit reports and scores, and a lack of transparency about how our financial lives and habits are assessed by credit reference agencies can be frustrating for consumers as they make big life decisions – so we welcome the regulator’s decision to review how the market operates.

“In the meantime, the big credit reference agencies must work harder to encourage consumers to check their credit reports regularly, and lenders should also strive to be clearer about which agencies they use to assess credit applications so consumers can investigate and challenge any potential errors if they are rejected.”

Notes to editor
Which? research found more than half of people have never checked their credit report. Full report here: https://www.which.co.uk/news/2016/05/consumers-confused-over-credit-reports-443326/