Strategic planning responding to external influences

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Experian operates the UK’s largest Credit Reference Agency (CRA). There are three in the UK. Banks and credit card companies share information about their customers’ credit accounts with each other through the CRAs. They then use this information to help them quickly make lending decisions. The lender decides whether someone is likely to, and can afford to, repay any borrowings by looking at how much credit they already have and how they are managing this. Lenders pay a fee to the CRA each time they search its records. Consumersgive permission for their information to be given to a CRA when they apply for credit. CRAs also provide servicesand information directly to consumers. Consumers have a legal right to see information held about them by a CRA. They can also dispute information that they feel is inaccurate. Experian runs a consumer education programmeto help consumers understand how credit granting works and how individuals can look after their own credit histories. At some point in life, most people will use credit. It is very much part of modern living. Using credit means borrowing money which usually has to be paid back in instalments with interest. The interest rate charged on different credit…

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