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The Information Commissioner’s Office (ICO) has warned consumers that
inaccurate credit reference files may restrict their access to credit.
The ICO is urging consumers to ensure their credit reference file and has now
published a guide for consumers to better understand their files.
It warns that if the content of an individual’s credit reference file is out of
date, banks, shops and catalogue companies could turn down their request for
credit.
David Smith, deputy commissioner at the ICO, explained: "Many of us will be
relying on credit to get us through 2010.
"Out of date or wrong information in your credit file might not only stop you
getting the credit you need but could have further damaging or embarrassing
consequences."
Credit reference firms have previously been criticised by MPs for not presenting
credit reference files in a format which is easy to understand.
The ICO’s guide explains to consumers what credit scoring is, how lenders use
the credit reference file and what to do if the file is inaccurate.
Smith added: "By checking your credit file regularly you can spot anything
that’s wrong and act swiftly to correct it. Our guide explains how to use your
rights under the Data Protection Act to protect your financial information."
Source:
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