Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the report by the Financial Inclusion Commission, Credit where it’s due: Overcoming the barriers to mainstream credit with data, with respect to how new sources of data, including rental payment data, may help individuals access credit via mainstream and low-cost lenders.

The Government is supportive of efforts to help borrowers access credit from mainstream lenders. The Government will introduce new Open Banking standards from January 2018, allowing consumers to share data directly from their payment accounts in a secure way. This will enable consumers to access cheaper and more competitive financial services, and quicker and more accurate credit reporting.

The government also recognises the importance of financial inclusion, and has demonstrated leadership in this area by committing to the creation of a Financial Inclusion Policy Forum to support collaboration with industry in this area.