Credit agencies are being investigated – and we have to pay attention

Inside Business: Credit ratings have potentially far-reaching impacts on our lives, so we have to make sure they are calculated properly

The FCA plans to look at the quality of the data being collected, the structure of the market and whether competition is effective (Rex)

Credit ratings aren’t high on most people’s lists of sexy subjects, and they never will be. But we really ought to pay more attention to them.

The Financial Conduct Authority has just announced plans for an investigation into the market and, as ever with the financial watchdog, the language used would induce somnolence in even the weekend’s electrified Glastonbury crowds.

Most people could be forgiven for responding to Christopher Woolard, director of strategy and competition, who said the FCA has “identified concerns about the coverage and quality of credit information”, with a big yawn.