Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure that (a) creditors and (b) debt collection agencies (i) respond to customer enquiries and (ii) amend credit files in a timely manner.

Consumer credit lenders and debt collection agencies are regulated by the Financial Conduct Authority (FCA) and must comply with its rules. Under the FCA’s Consumer Duty, providing effective customer support is a key requirement. Regulated firms must provide customer support that is prompt, accessible, and easy to understand. The FCA also expects firms to regularly review and improve their customer support processes.

In accordance with data protection laws, a person’s credit file must accurately reflect their credit history. If a consumer thinks their credit record is inaccurate, then they should first contact their lender or the relevant reference agency (CRA) and ask them to update their details. If a consumer believes these organisations have not corrected the inaccurate information they have reported, they can complain to the Information Commissioner’s Office (ICO). The ICO enforces data protection laws and may take action if it finds the CRA has failed to make necessary corrections.