Deadline approaching for Islanders who want to opt out of new credit data sharing

Islanders who do not want their basic personal information shared with UK credit reference agencies have until the end of the day on Wednesday (29 July) to opt out before the new system comes into effect. From 30 July, the Government of Jersey will begin securely sharing the name, residential address and date of birth of Jersey residents aged 18 and over with the UK credit reference agencies Experian and Equifax.

Islanders who are happy for their information to be shared do not need to take any action.

The change is designed to improve access to credit cards and other financial products for Jersey residents, something that the Jersey Consumer Council has campaigned for many years for.

In recent years, Islanders have faced a more limited choice of credit cards than consumers in the UK because lenders have not been able to carry out the same automated identity and credit checks that rely on information held by UK credit reference agencies.

The Jersey Consumer Council has long supported measures that increase competition and consumer choice, while ensuring that appropriate safeguards are in place to protect personal data. Making it easier for lenders to verify applicants should encourage more providers to offer products to Jersey residents and help simplify the application process.

What information will be shared?

The information being shared is limited to:

• your name
• your residential address
• your date of birth

No financial information, bank account details or transaction history will be provided by the Government as part of this process. The information is intended to help lenders confirm an applicant's identity and carry out the checks that are already standard practice for UK residents.

Want to opt out?

If you do not want your information to be shared from 30 July, you must opt out before 11.59pm on Wednesday 29 July.

The Government has recently introduced a new online opt-out service, allowing Islanders to change their data-sharing preference by logging on using their digital ID and changing their ‘Account Settings’. Alternatively, you can opt out by telephoning 01534 444444 (option 6) before 5pm on 29 July.

Islanders can still opt out after 30 July, but any information already shared before they do so will remain with the credit reference agencies. No further updates will be provided after an opt-out request has been processed.

Better access, but still borrow carefully

Greater access to credit and increased competition are positive developments for consumers, particularly if they lead to more choice and better products for Islanders.

However, it is important to remember that a wider range of credit options should always be used responsibly. Before taking out a credit card or other borrowing, consumers should consider whether they can comfortably afford the repayments and compare interest rates, fees and terms before applying.

For most Islanders, no action is required. The only people who need to do anything before the deadline are those who wish to prevent their basic details from being shared with the credit reference agencies.

More information can be found on the following Gov.je page: Credit cards for Jersey residents