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The Credit Services Association (CSA)
SCOR shares final version of Data Quality Reference and Technical Guidance
The Steering Committee On Reciprocity (SCOR) has asked us to share their latest guidance document – the Data Quality Reference Guide. The guide contains practical information on the implementation of policy decisions and documents agreed by SCOR, and recommended best practice on the provision and quality of shared information within the databases covered by the Principles of Reciprocity.
This document continues the work that SCOR started with the Principles of Reciprocity and the Principles for the Reporting of Arrears, Arrangements and Defaults at Credit Reference Agencies, and aims to promote commonality and consistency across the credit industry. It has been developed by the SCOR Data Quality Working Party, who have liaised with the Information Commissioner’s Office (ICO) on a regular basis. In fact, the ICO has confirmed it is comfortable with the Guide as a reference document and intends to hold regular review meetings with the working party. The document will also be shared with the Financial Conduct Authority and made available to any other regulators, although SCOR has explained that this is not intended to be a publicly-available document:
“The document has been written for the industry therefore it is not intended to distribute it more widely. SCOR has already published the ‘Principles for Reporting Arrears, Arrangements and Defaults’ for consumers.”
SCOR does not expect the guide to demand changes to practices, as it is simply clarifying current practice. However, if practices are not aligned with a particular section of the document, the firm must ensure that the information it is providing to the Credit Reference Agencies is “fair, consistent and appropriate to consumers” and the firm should be able to demonstrate this to any regulator, if required.
The CSA has given feedback to SCOR about some areas which may require clarification and SCOR has confirmed that it will be reviewing all feedback, as the document will be subject to regular review.
Nonetheless, the Data Quality Reference Guide is available to members on the CSA website and we would encourage all members involved in reporting to the Credit Reference Agencies to read it. We will alert members to any updates to the guide.