About Us
The Credit Information Governance Body (CIGB) is a self-regulatory body established to oversee and improve the UK credit information market. Prompted by the Financial Conduct Authority’s (FCA) Credit Information Market Study final report in December 2023, this body replaces the current Steering Committee on Reciprocity (SCOR) framework with a more transparent, inclusive, and accountable structure.
Purpose
To provide effective governance of credit information for all consumers and other stakeholders
Objectives
The CIGB is guided by three core objectives:
- Operational: The CIGB will actively define, govern and promote data sharing rules and data standards along with relevant industry initiatives. By doing so, it aims to establish a robust foundation for the efficient exchange of credit information within the industry.
- Consumer: The CIGB will promote good outcomes for all consumers in its data governance and leadership of industry initiatives. It will support the credit information industry to build transparency, trust, understanding and fairness. In doing so, it will consider the impact credit information has on consumers and financial inclusion in terms of access to credit and other goods or services within its decision-making processes.
- Future-looking: The CIGB recognises the dynamic nature of the industry and embraces a forward-looking approach. It is dedicated to support competition and innovation to ensure that the industry remains adaptable and sustainable in the face of evolving technology and customer needs.
The CIGB is currently being set up to become fully operational. The details of the steps being taken to form CIGB and the other recommendations regarding the governance and structure of the CIGB can be found here.