Principles Of Reciprocity

The Steering Committee on Reciprocity (SCOR) was established by the UK finance industry to develop and maintain documented guidelines on the use and sharing of credit performance and related data. SCOR consists of representatives from the CML, British Bankers Association, the Finance and Leasing Association, the Mail Order Trade Association and the Consumer Credit Trade Association, together with representatives from the credit reference agencies.

SCOR produced the Principles of Reciprocity (the Principles) after consultation with financial trade associations and regulatory bodies. The Principles set out the rules for the recording, supply and access of credit performance data shared through the CRAs. The `Governing` principle is that data should only be shared for the prevention of over-commitment, bad debt, fraud and money laundering, and to support debt recovery and debtor tracing, with the aim of promoting responsible lending. Thus, credit account data is submitted and shared by lenders according to these principles, via the credit reference agencies.

The scope of these principles is all consumer credit performance and related data shared through the credit reference agencies. The following established data and data sharing schems fall outside these principles; CML Possession Register, HPI Register, Hunter, CIFAS, GAIN, public information and all business records.

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