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Credit Bill could fail consumers

The Government will fail to protect consumers fully with its Consumer Credit Bill, which began its second reading in the House of Lords last week, credit information expert checkmyfile.com has warned.

The Bill seeks to update the Consumer Credit Act with measures such as forcing credit providers to make deals more transparent, tackling loan sharks, providing a way for consumers to report unfair practices and helping tackle over-indebtedness.

But checkmyfile.com says the Bill doesn’t tackle issues such as giving consumers the right to demand a reason for being refused credit. It also makes no provision to force lenders to use data from all three credit reference agencies rather than just one, so decisions will continue to be made on a subset of a consumer’s financial situation rather than the whole picture, which checkmyfile.com says would result in a fairer assessment.

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