Reduce negative credit history events from 6 years to 3 Years.

Rejected 21 signatures

What the petition asks

Enforce the maximum length for a negative credit event to change from 6 years to 3 years.

It is a increasing problem with financial institutions and lenders to base their lending decisions on independent financial credit reference agencies that work for the corporate institutions rather than the individual. 6 years is too long for individuals who have a negative credit history to make the improvements to improve their financial situation. The large corporations are cashing in on this and it should be regulated more closely and individuals should not be penalised for so long.

Why it was rejected

It asked for something that is not the responsibility of the UK Government or Parliament.

The preparation and scoring of credit reports is a matter for individual credit reference agencies in cooperation with lenders, not the Government or Parliament. The UK's three credit reference agencies have all issued statements and advice about what people should do if they are facing financial difficulties as a result of the Covid-19 pandemic. You can find these here:

TransUnion: https://www.transunion.com/covid-19
Equifax: https://www.equifax.com/about-equifax/covid-19-and-your-credit-score/
Experian: https://www.experian.co.uk/consumer/help-discover/discover/guides/supporting-you.html

Timeline

26 Mar 2021	Petition opened for signatures
29 Apr 2021	Rejected by the Petitions Committee

Key facts

Signatures 21

Status Rejected

Rejected 29 Apr 2021

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