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<p>Credit data sharing is key to allowing lenders to make proper affordability assessments
and promoting a competitive market. Having access to comprehensive data about their
customers’ outstanding commitments may help lenders avoid making loans to customers
who cannot afford to repay them.</p><p> </p><p> </p><p> </p><p>Since 1 April 2014,
credit reference agencies (CRAs) are regulated for their consumer credit activities
by the Financial Conduct Authority (FCA).</p><p> </p><p> </p><p> </p><p>The Government
has made clear to payday lenders and CRAs that they must identify and remove any blockages
involving real-time data sharing between payday lenders as a matter of urgency. The
FCA has committed to prioritising improvements in this area, and has said it expects
to see over 90% of payday firms participating in real-time data sharing and over 90%
of loans being reported in real time by this November.</p><p> </p>
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