We noted with interest your inquiry that is committeeвЂ™s into effectiveness of credit rating legislation and I also have always been composing into the committee to produce understanding of exactly just just how great britain regulatory authorities could study on other jurisdictions that run efficient and economical regulatory regimes.
This letter covers three areas:
1. Overseas perspectives regarding the NAO report to the OFTвЂ™s regulation on credit rating.
2. Presenting rules for managing credit rating.
3. Effective enforcement of guidelines.
1. Global perspectives in the NAO report to the OFTвЂ™s legislation on credit rating
My business, Veritec provides a information system that allows regulators to effortlessly enforce legislation of payday, home along with other term consumer lending that is short. Veritec has over ten yearsвЂ™ connection with working with US regulators in 14 various states, addressing 88 million customers. Along with its work with the usa, we’ve additionally advised the Provincial Governments of Ontario and British Columbia in Canada, while the authorities of Australia. Our experience has allowed us to create an unrivalled shop of unfiltered data documenting borrowing into the cost credit market that is high.