Summary
A new law in Jersey aims to make it easier for people to get credit cards. This change allows sharing specific information with UK credit agencies, which might help more credit card companies return to Jersey. The decision about returning to the Jersey market will still lie with the banks.
Key Facts
- Jersey's government passed a law to simplify credit card approval.
- The law changes how information is shared with UK credit agencies.
- The amendment lets the government share names and addresses for credit checks.
- There is an option for Jersey residents to opt out of having their information shared.
- The Jersey Consumer Council has supported this change for several years.
- The law aims to resolve issues with credit card availability in Jersey.
- Banks will decide if they want to re-enter the credit card market in Jersey.
- Privacy concerns related to data sharing have been addressed.
