Tweet
Alongside the treasurys investigation into CRAs .... please sign this petition (if you agree) closes today though, only takes a minute....
Petition to: Regulate the UK's Credit Reference Agencies. | Number10.gov.uk
We the undersigned petition the Prime Minister to Regulate the UK's Credit Reference Agencies.
We ask the Govt to regulate credit reference agencies (CRA's) in the UK. CRAs have cartel power, and unfairly prevent a large tranche of potential borrowers from obtaining credit, removing their spending power from the economy.While the credit crunch was in part caused by careless sub-prime lending in the USA,The UK CRAs often hold innacurate and unfair information on borrowers. Innacurate because lenders register info unregulated , often innacurately, someimes maliciously and always without arbitration/third party assessment ..Unfair because the emphasis is only on past credit history and the Public have to jump through hoops to explain past problems.This takes millions of UK consumers out of the loop. Nothing is recorded about current changes future prospects etc ..Banks choose how they use the information concerned, but information needs to be more accurate and fair. The EU have plans to regulate the CRA's via IOSCO but UK regulation is required to give teeth to the EU initiative.
(this has been posted before so you may already have signed but thought it deserved a bump)
Petition to: Regulate the UK's Credit Reference Agencies. | Number10.gov.uk
We the undersigned petition the Prime Minister to Regulate the UK's Credit Reference Agencies.
We ask the Govt to regulate credit reference agencies (CRA's) in the UK. CRAs have cartel power, and unfairly prevent a large tranche of potential borrowers from obtaining credit, removing their spending power from the economy.While the credit crunch was in part caused by careless sub-prime lending in the USA,The UK CRAs often hold innacurate and unfair information on borrowers. Innacurate because lenders register info unregulated , often innacurately, someimes maliciously and always without arbitration/third party assessment ..Unfair because the emphasis is only on past credit history and the Public have to jump through hoops to explain past problems.This takes millions of UK consumers out of the loop. Nothing is recorded about current changes future prospects etc ..Banks choose how they use the information concerned, but information needs to be more accurate and fair. The EU have plans to regulate the CRA's via IOSCO but UK regulation is required to give teeth to the EU initiative.
(this has been posted before so you may already have signed but thought it deserved a bump)
Comment