Plans to make it easier for banks to carry out the necessary checks to issue credit cards in Jersey are finally coming to fruition in the hope that Islanders will be given “more choice and greater access” to financial products.
The government has said that Islanders’ personal data – including name, residential address and date of birth – will be securely shared with UK credit reference agencies Experian and Equifax from 30 July.
The changes were proposed back in 2023 following a withdrawal of credit card providers from Jersey, but are only being implemented now.
It is intended to reduce the administrative burden that credit providers face when processing applications from the island, with Social Security Minister Elaine Millar acknowledging that “for some time, Islanders have faced a challenge when trying to obtain new credit cards”.
Banks and other financial services providers will request basic information from the CRAs when considering applications from Jersey residents, as they currently do with UK applications.
The government has stated that “the sharing of this information is not compulsory”, and Islanders are able to opt out – though it also noted this could impact their ability to access certain financial products in the future.
Senator Millar described the change as “a positive step forward”.
“Sharing our basic information will make it easier for banks to carry out the necessary checks and will give us more choice and greater access to credit cards in Jersey,” she added.
