U.K. Financial Conduct Authority (2)

Topics and Issues

COVID-19 (26)

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