UK regulator targets improved credit reporting for consumers.
Highlights:
- FCA issues new guidelines for clearer credit reporting.
- Guidelines aim to improve the accuracy of borrowers’ credit files.
- Consumers can benefit from enhanced credit information access.
The Financial Conduct Authority (FCA) has announced new guidelines aimed at improving the accuracy and completeness of borrowers’ credit files in the UK.
These guidelines are designed to address gaps in credit reporting that can negatively impact consumers’ ability to secure credit.
The FCA encourages lenders to ensure that all relevant information is accurately reported and accessible, thereby enhancing consumer rights and competitive fairness in the market.
By implementing these changes, the FCA seeks to foster a more transparent and reliable credit system that benefits borrowers.
