Explanatory note

These Regulations supplement sections 157 to 160 of the Consumer Credit Act 1974 and the Consumer Credit (Credit Reference Agency) Regulations 1977 (S.I. 1977/329) which concern the disclosure to consumers of information about their financial standing held by credit reference agencies and the correction of any such information which is incorrect and likely to be prejudicial to the consumer.

The Regulations provide for disclosure to consumers of the name and address of credit reference agencies consulted where negotiations have been conducted through third parties—Regulations 2 to 4.

The Regulations also require credit reference agencies to send corrections to persons to whom they have given information about a consumer's financial standing within the 6 months preceding the consumer's request for a copy of the file relating to him kept by the agency—Regulation 5.