Credit agencies are being investigated – and we have to pay attention
Inside Business: Credit ratings have potentially far-reaching impacts on our lives, so we have to make sure they are calculated properly
Credit ratings aren’t high on most people’s lists of sexy subjects, and they never will be. But we really ought to pay more attention to them.
The Financial Conduct Authority has just announced plans for an investigation into the market and, as ever with the financial watchdog, the language used would induce somnolence in even the weekend’s electrified Glastonbury crowds.
Most people could be forgiven for responding to Christopher Woolard, director of strategy and competition, who said the FCA has “identified concerns about the coverage and quality of credit information”, with a big yawn.
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