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<p>In 2014, the Government transferred regulatory responsibility for consumer credit
from the Office of Fair Trading to the Financial Conduct Authority (FCA), including
regulatory responsibility for Credit Reference agencies (CRAs). CRAs are a key part
of the credit market and enable lenders to assess whether an individual has the ability
to repay any credit that is offered.</p><p>CRAs can advise consumers to add a Notice
of correction (of up to 200 words) to their credit report explaining any special circumstances.
The content of the Notice should be taken into account alongside the information on
the consumer’s report.</p><p>Furthermore, the Credit Industry Fraud Avoidance System
(CIFAS) is an independent fraud prevention service which has developed a system used
by the credit industry and other organisations to prevent fraud. If a lender believes
it may have detected a fraud or attempted fraud, a CIFAS marker may be put on an individual’s
credit reference file. No one should be refused credit just because of a CIFAS marker,
and these markers are not included in a credit score. It is intended to warn lenders
and to protect innocent consumers.</p>
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