A blog by Martin Williams, external affairs spokesman of Graydon UK, focusing on business risks - from fraud to late payment. Martin has has spent the last 35 years in the credit information industry, and has been with Graydon UK, one of the top five commercial credit agencies in the UK, for the last 20. Apart from his PR duties, he teaches credit analysis to risk professionals and helps educate SMEs on the importance of maintaining a good credit rating. Martin is a Fellow of the Institute of Credit Management and is a sitting member of the Institute's Think Tank. He was also honoured by Credit Today, after being included on their Credit 100 list of people who have had the greatest impact in the credit industry during 2008, 2009 and 2010.
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21 Aug 2008
The Government in the shape of BERR has just published its response to responses to consultation on a key aspect of the 2006 Companies Act relating to directors private address disclosure. This part of the 2006 Act will come into effect 1st October 2009.
The plan is now that Companies House will be able to sell private address details to public authorities and credit reference agencies like Graydon and Experian in bulk form. These organisations will be able to use this data for credit vetting purposes when checking the creditworthiness of companies and individuals, but will not be able to pass on the actual private address details to end users or lenders within credit reports etc. Apparently there was an argument put forward that suggested agencies should be able to pass on this data to their clients so long as the data subject gave consent. However the government has rejected this idea, saying that it would enable persons to gain access to protected information (private addresses of directors) although they are barred by statute from direct access to it.
Obviously this law has to go through the Houses of Parliament, but it looks as if the NEW 2006 Companies Act will come into force before it becomes the VERY OLD 2006 Companies Act.
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