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| Topics and Issues | COVID-19 (41) |
The U.K. Financial Conduct Authority (FCA) issued a statement in July 2020 that reversed a temporary suspension of credit reporting. The FCRA said that “normal credit reporting should resume” to ensure that the “longer-term integrity and value of credit information is maintained.” The FCA added that “[a]ccurate credit reporting is essential to responsible lending and preventing individual overindebtedness.” In a stable financial system, lenders “need to have confidence in the integrity of the credit reporting system to have the confidence to extend credit in [the] future.” Call for input: Ongoing support for consumers affected by coronavirus: mortgages and consumer credit, Financial Conduct Authority (U.K.), July 31, 2020