Why are credit reference agencies allowed to hold my data?

Edited

When applying for credit products, you will be asked to agree to the lenders Terms and Conditions. Within these Terms and Conditions, the lender will indicate that your information will be provided to one (or more) of the three credit reference agencies in the UK (TransUnion, Experian, Equifax).

This is helpful for both lenders and customers as it ensures that lenders can be confident that they are lending to an individual responsibly.

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