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FLA responds to Treasury Committee's Credit Searches Report
Responding to the Treasury Select Committee report on credit searches that was published today, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:
“We are pleased that the Committee’s report recognizes that a balance has to be struck between preventing fraud and allowing consumers to shop around. Credit companies have already responded to the increasing popularity of shopping around online for credit by raising the number of searches shoppers can make without making a difference to their credit score, and the Committee has recognised that the number of people affected is relatively low. Credit is in any case not refused on the basis of the number of credit searches alone. The industry is already in discussion with the OFT on new guidance for responsible lending.”
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Note to editors:
The FLA is the leading trade association for the asset, consumer and motor finance sectors in the UK, covering secured and unsecured loans and credit and store card providers. In 2008 FLA members provided £60 billion to the consumer finance sector, representing almost 30% of all unsecured lending in the UK in 2008.
For further media information, please contact:
Russell Hamblin-Boone, FLA
T: 020 7420 9656 E: russell.hamblin-boone@fla.org.uk M: 07810 374110
Helen Saxon, FLA
T: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766 993