Gov Bid To Ease Credit Card Problems

It could soon become easier for islanders to get a credit card.

Jersey's government is proposing changing the way credit reference agencies access data to determine whether to grant loans, credit cards and other types of credit.

The People Directory holds information that will give lenders the information they need to approve an application.

Currently, many people struggle to get credit because there is no central register.

Jersey's Consumer Council has been calling for one following a survey it ran last year which received 800 responses, documenting the experiences people have had being refused by credit companies.

There is also a very limited choice of credit as many providers have pulled out of the island because of the difficulties accessing the information they need to make affordability and money laundering checks.

Deputy Elaine Millar, who has political responsibility for Financial Services, says the aim is to have in place by early 2024 access for credit reference agencies to the 'central repository that holds address and contact details of the general public'.

The People Directory is what government departments use as a central source of information about individuals, companies, and organisations.

“Over the past five years, there has been a withdrawal of credit card providers from Jersey.

This proposal is a great step forward and should allow more banks and other financial services providers to offer credit to individuals and businesses in Jersey.

We are asking Islanders to provide Government with their feedback on this proposal and, if enacted, we hope this should remove some of the known hurdles to banks and card service providers offering products such as credit cards.

We hope that banks, loan companies and credit card providers will recognise this and provide a full range of services for Islanders.”

Jersey Consumer Council has welcomed the move with Chairman Carl Walker saying; 'JCC has been campaigning tirelessly since 2020 on this issue and great to finally see @GovJersey taking steps to improve the situation for Islanders. Let’s hope this does the job.'

Islanders are asked to give their views on credit reference agencies accessing data as part of a Government of Jersey consultation. Find out more:https://t.co/S9U8Dd1kyV pic.twitter.com/CJ7XY1YM3G

— Jersey Consumer Council (@JerseyConsumer) July 18, 2023