Submitted on Friday 26th March 2021
Rejected on Thursday 29th April 2021
Current status: Rejected
Rejection code: irrelevant (see below for details)
Reduce negative credit history events from 6 years to 3 Years.
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.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
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: www.transunion.com/covid-19
Equifax: www.equifax.com/about-equifax/covid-19-and-your-credit-score/
Experian: www.experian.co.uk/consumer/help-discover/discover/guides/supporting-you.html
3.141.3.178 Fri, 19 Apr 2024 03:24:47 +0100
