# Leading credit reference agencies launch industry-wide information notice to support lenders and consumers in GDPR world
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-11-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Industry-wide Credit Reference Agency Information Notice
Meta Description: Understand how CRAs use personal data with new industry-wide notice. Ensure transparency and responsible lending practices. Learn more now.
URL: https://financedigest.com/leading-credit-reference-agencies-launch-industry-wide-information-notice-to-support-lenders-and-consumers-in-gdpr-worldhtml

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Callcredit, Equifax and Experian are launching an industry-wide Credit Reference Agency Information Notice (CRAIN) in readiness for the implementation of the new General Data Protection Regulation (GDPR) on 25 May 2018.

This notice will ensure that the financial industry delivers standardised, clear and consistent information to consumers to explain how credit reference agencies (CRAs) use and share personal information, the type of information they hold, where it comes from and the legalities of handling personal data.

The document addresses the requirements of GDPR to ensure credit data sharing can continue to support responsible lending, to help combat fraud and money-laundering and to support the fair and proportionate collection of debt.

The CRAs have worked closely with various trade and [industry bodies to develop](https://www.financedigest.com/image-guided-surgery-devices-market-recent-industry-developments-and-growth-strategies-adopted-by-players.html "Image Guided Surgery Devices Market: Recent Industry Developments and Growth Strategies Adopted by Players") the notice. It is hosted on each of the three CRAs’ websites so that lenders and other financial providers can easily direct their customers and prospective customers to the information it provides.

Steve McNicholas, Managing Director – Credit and Marketing Data, Callcredit Information Group, said: “We are in the age of the empowered [consumer where we all recognise the importance](https://www.financedigest.com/u-s-inflation-outlook-brightens-as-import-prices-fall-consumer-sentiment-rises.html "U.S. inflation outlook brightens as import prices fall, consumer sentiment rises") and value of our own personal information. CRAs are an integral part of the consumer lending process and wider information ecosystem. Helping people understand how their [data is used and shared and how they can challenge](https://www.financedigest.com/meeting-the-data-challenge-in-financial-services.html "Meeting the data challenge in financial services") its accuracy is an important issue. We often take for granted how [data sharing](https://www.financedigest.com/how-data-sharing-can-give-brands-confidence.html "How data sharing can give brands confidence") has evolved and now enables people to apply for tailored financial products and gain an instant decision. The mechanics of what sit behind this are of increasing interest to information hungry consumers – transparency is key.”

Steve Martin, UK Data Protection Officer at Equifax, added: “Data [sharing](https://www.financedigest.com/u-s-yield-curve-inverts-after-strong-jobs-data-world-shares-mixed.html "U.S. yield curve inverts after strong jobs data; world shares mixed") between lenders and CRAs helps consumers access the right products, receive relevant communications and better manage their finances. With over 500 lenders in the UK, this one standardised notice will support GDPR’s drive for enhanced transparency for consumers, providing clarity over the role of CRAs in the financial [industry](https://www.financedigest.com/keeping-ahead-of-network-challenges-in-the-finance-industry.html "Keeping ahead of network challenges in the finance industry"). Ultimately, ensuring all parties can continue to access and [share data to make better informed financial decisions is good for consumers](https://www.financedigest.com/ups-shares-fall-as-consumer-caution-dims-e-commerce-outlook.html "UPS shares fall as consumer caution dims e-commerce outlook") and lenders combined. ”

Clinton Hook, Head of Data for [Consumer Information Services](https://www.financedigest.com/do-consumers-want-robo-advisory-services.html "DO CONSUMERS WANT ROBO-ADVISORY SERVICES?") at Experian, said: “Credit data sharing plays a vital role in the smooth running of the economy, bringing important benefits to both businesses and consumers. In a world of new opportunities, [open banking](https://www.financedigest.com/what-does-2022-hold-for-open-banking-some-predictions-from-the-ecosystem.html "What does 2022 hold for open banking? Some predictions from the ecosystem") and growing technological innovations, we believe people should have access to and then understand the information they are given on credit. Their credit histories should help them make informed decisions about their financial [futures](https://www.financedigest.com/the-future-of-open-finance.html "The Future of Open Finance"). We believe CRAIN will support greater transparency, consistency and clarity, and be of value to all UK lenders as they prepare for GDPR.”


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