free credit report

ElvisPresleysCat

Hazzinho wrote: »

They are private companies that provide credit reports and other solutions to lenders, that is why there is 3, they aren't going to close 2 private companies down.

How is it that three - seemingly unregulated - are able to essentially hold the monopoly on our credit files?

YorkshireBoy

Why are there 3?

Quite simply, there's lots of money to be made from data management/analytics. Frankly I'm surprised there aren't more. Then you really would have something to grumble about.

And competition is good, from a lenders perspective.

The only way you'd ever get just one (to hold personal credit history) is to nationalise it!

As to "seemingly unregulated", I think you'll find (with a little research) that they're all authorised and regulated by the FCA.

msallen

CaPPsiE wrote: »

How is it that three - seemingly unregulated - are able to essentially hold the monopoly on our credit files?

Make your mind up. If three is too many, then complaining about them holding a monopoly (although of course by definition it is not a monopoly with three providers) makes no sense - would you prefer there were thirty and no hint of a 'monopoly' ?

ElvisPresleysCat

Ok thanks for all input.