The FCA approval comes at a pivotal time for credit reference agencies (CRAs), with technological advances and shifts in customer behaviour fuelling important developments in data sharing, evidenced by industry initiatives such as Commercial Credit Data Sharing (CCDS) and the Open Banking Standard.
Patricio Remon, President for Europe at Equifax, said: “Achieving full FCA authorisation is an important milestone for our UK business. It recognises our commitment to upholding the highest regulatory standards, ensuring fair treatment for consumers, and safekeeping the information entrusted to us.
“We are entering a new world where the availability of data from a broader range of sources will help build a more precise analysis of financial wellbeing of consumers and businesses. These advances not only allow CRAs to carefully assess affordability and credit risk, but also to tackle fraud risk.
“New data sharing initiatives such as CCDS and Open Banking provide a unique opportunity that will help businesses and consumers better manage their finances and access the right financial products for their needs. They also help drive competition and increase innovation and transparency across the market.
“Equifax is an exceptionally strong business, well recognised in the UK & Ireland for helping organisations make better decisions and improve profitability, as well as empowering consumers to manage their finances. Advances in data sharing are another step forward in helping consumers and businesses reach such goals.”
Globally, Equifax organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses.
About: The Financial Conduct Authority (FCA) is the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 24,000 of those firms.
Source: Equifax Press Release