The Steering Committee on Reciprocity (SCOR), the body established  by the UK finance industry, has announced that all firms that share consumer and commercial credit performance data through credit reference agencies must undergo a compliance exercise to confirm that the data sharing complies with the Principles of Reciprocity (the latest version of which was approved in June). The exercise will begin in September 2014 and will require the completion of an online question- naire. Separately, following talks between SCOR and the Financial Conduct Authority (FCA), the FCA has stipulated that shared data must be accurate, to facilitate responsible lending assessments, and that firms must take reasonable steps to maintain accurate and adequate data, to ensure that the correct customer is pursued for the correct amount of debt.

Scoronline.co.uk – Principles of Reciprocity