Related Information
New version of Principles of Reciprocity (August 18 2009)
Version 31 of the Principles of Reciprocity has now been signed off by SCOR and covers the following changes:
Further clarification to the Behavioural Data sharing rules to ensure it is only used to support responsible lending activity
Commercial crossover changes to cover inclusion of account management and the dispensation to allow extension to supply of data to be postponed until March 2010
Commercial crossover changes extension to allow factors and discounters to share and access data
Definition of Characteristic
Amendments to strengthen processes for certification exercises
Addition of Qualifying Flags and Status Codes
Clarification of release of aggregated data procedure
Non-risk scores
Definition of account management
A copy of the executive commitment form for change 2 is also included.
- Principles of Reciprocity version 31 - 18 August 2009 »
- Executive Commitment in relation to the Commercial Crossover final compliance date extension to March 2010 - August 18 2009 »
New combined Principles of Reciprocity documents issued
A new simplified combined version of the Principles of Reciprocity has now been approved which will replace all the constituent parts with one reworked document - version 30.
Further updates are anticipated shortly to include recently agreed changes.
Three new Principles of Reciprocity documents issued 1 January 2008
Further versions are likely to be issued very shortly as there are a number of new initiatives making their way through SCOR and the documentation is also undergoing a simplification and reformatting exercise which will also be issued as a new version.
Two new documents have been released by SCOR
The Principles of Reciprocity v 28 covers the cross industry agreement on sharing current account data and the Executive Commitment document has been amended to take into account new releases of the PoR (3 July 2006).
SCOR announces new reciprocity review
Members of the credit reference agency closed user groups will be getting letters from the chairman of SCOR asking them to reconfirm adherence to the Principles of Reciprocity.
New Principles of Reciprocity Q&A agreed by SCOR members — 18 April 2006
Summer / Autumn 2005 revisions to the Principles documents
A number of changes have been agreed to include some clarification to the documentation and include recent agreements.
Revised documents have been posted as follows:
5 October 2005 - Principles of Reciprocity v 25
Principles of Reciprocity and supporting documents
The record of decisions and interpretation by SCOR has been revised and the new version approved by SCOR in December 2004. This document forms part of the Principles of Reciprocity suite of documents.
On 16 September 2004 SCOR formally agreed the Commercial Reciprocity rules that set out the terms under which lenders to commercial organisations may access consumer data on the proprietors of companies with up to 3 directors/partners/sole traders. The documentation is now available here and the Principles of Reciprocity are to be amended to reflect this change too. A new version will be published shortly.
Scor moves forward on revisions to the principles of reciprocity
The Principles of Reciprocity form the backbone of the rules governing data sharing in the credit industry, changes in products, processes and customer management have led to a rethink in data management.
A working party has been meeting for some months now with a view to agreeing a basket of changes which will provide real benefits to existing members and lower the barriers to entry for those looking to move from default sharing to full membership.
Changes to notifications agreed in 2001 now mean that most members will be in a position to share full data from a compliance perspective, with effect from the implementation date of the notifications. The difficulty has long been the IT overhead and long lead time to delivery of tangible benefits, particularly for those with mature long standing portfolios.
Moves towards holistic customer management in financial products have meant that many organisations are revisiting their data management strategies, a development that SCOR is keen to support.
SCOR have now signed off the new version of the Principles and the supporting documentation is to be released over the next few weeks. This significant change really shows how the industry can manage itself through self regulation to support the economic development of a dynamic credit industry.
Disclaimer: The information contained on this webpage is provided for general guidance only. It is not intended to provide you with professional advice nor is it intended to substitute you obtaining professional advice.