Require every Credit Reference Agency to supply, on request from the individual concerned, a copy of his/her credit reference at regular intervals (e.g. monthly), or whenever a significant change takes place. This should be supplied by email at no cost to the individual, or by post at a charge to the individual that covers printing and postage costs only.

Why is this idea important?

1. The credit reference agencies make their money from holding and gathering personal data about me. Why should I have to pay to check at regular intervals that the data about me that they are selling to third parties is accurate? The cost to a credit reference agency of supplying me with this data by email is tiny, yet Experian wants to charge me £7.99 per month for regular reports.

2. Identity theft is a growing problem. Sometimes the first time that an individual becomes aware that his identity has been stolen is when he is suddenly refused credit because the thief has borrowed a large sum in his name. A system whereby the victim gets notified by the credit reference agency of significant changes to his credit rating would provide an earlier warning.

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