Spring Budget 2016: Equifax comments on support for SME lending
Today the government announced its continued support for competition in the SME credit market. From 1 April 2016 the government will designate the Credit Reference Agencies (CRAs), including Equifax, and banks that are within scope of the SME credit data regulations. CRAs will receive SME credit information from high street banks and provide equal access to this information to all finance providers.
Nic Beishon, Head of Commercial, Equifax UK & Ireland, comments:
“The sharing of SME information among financial providers is an excellent initiative to increase competition in SME lending and improve SME access to competitive financing options. We are proud to have been selected as part of the government’s plans and believe it reflects our extensive experience in data insight across businesses and consumers, and our stringent security systems and procedures. We are working closely with HM Treasury to progress the plans and are developing exciting new solutions to help financial providers get the most value for the newly available data.”