Rejected petition Reduce negative credit history events from 6 years to 3 Years.

Enforce the maximum length for a negative credit event to change from 6 years to 3 years.

More details

It is a increasing problem with financial institutions and lenders to base their lending decisions on independent financial credit reference agencies that work for the corporate institutions rather than the individual. 6 years is too long for individuals who have a negative credit history to make the improvements to improve their financial situation. The large corporations are cashing in on this and it should be regulated more closely and individuals should not be penalised for so long.

This petition was rejected

Why was this petition rejected?

It’s about something that the UK Government or Parliament is not directly responsible for.

The preparation and scoring of credit reports is a matter for individual credit reference agencies in cooperation with lenders, not the Government or Parliament. The UK's three credit reference agencies have all issued statements and advice about what people should do if they are facing financial difficulties as a result of the Covid-19 pandemic. You can find these here:

TransUnion: https://www.transunion.com/covid-19
Equifax: https://www.equifax.com/about-equifax/covid-19-and-your-credit-score/
Experian: https://www.experian.co.uk/consumer/help-discover/discover/guides/supporting-you.html

We only reject petitions that don’t meet the petition standards.

Date submitted 26 March 2021
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