Steering Committee on Reciprocity (SCOR)
Last reviewed 30/07/2008: any recent updates in this colour.
The UK finance industry established the Steering Committee on Reciprocity (SCOR) to develop and oversee documented guidelines on the use and sharing of credit performance and related data on individuals. 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 (CRAs) Experian, Equifax and Callcredit.
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.
For more information on SCOR and the Principles, please read the Principles of Reciprocity - Questions and Answers and The Rules Managing SCOR (below).
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.
For more information on SCOR and the Principles, please read the Principles of Reciprocity - Questions and Answers and The Rules Managing SCOR (below).
