Why Accessible Credit Reports are Key to Inclusivity and Compliance

In our current data-driven age, credit information is vital for making informed decisions. Nevertheless, many financial records, especially critical credit reports, remain inaccessible to individuals with disabilities. In fact, studies by WebAIM 2024 show that over 60% of websites including those offering financial services fail basic accessibility checks.  
 
This highlights the crucial need to address the accessibility gap and make credit information inclusive and available to all. Thus, the rising need for accessibility, driven by legislative reforms and a focus on diversity, along with the difficulties of digital financial reporting, requires compliance with standards such as PDF/UA. These standards ensure fair access to vital financial information for all users. 
 
This article discusses: 

• Understanding PDF/UA and WCAG Standards for Accessible Credit Reports 
• Benefits of Accessible Credit Reports  
• Regulatory and Compliance Requirements for Accessible Credit Reports 
• How Cedar Rose Helps
  

Understanding PDF/UA and WCAG Standards for Accessible Credit Reports

According to (ISO 14289), PDF/UA (Portable Document Format/ Universal Accessibility) is an international standard that emerged under ISO 14289.  Its fundamental purpose is to develop standard terminology for accessibility in the PDF format. It ensures that PDFs are usable by people with disabilities, including those who rely on assistive technologies like screen readers. Key features of PDF/UA include proper tagging of content for navigation, accessible forms and multimedia, logical reading order, and alternative text for images.  

As for WCAG short for web content accessibility guidelines, it is a set of internationally recognised guidelines for making web content more accessible to people with disabilities. It has evolved through multiple versions WCAG 2.0 published in 2008, WCAG 2.1 in 2018, and WCAG 2.2 in 2021 (with ongoing updates). Its guidelines are mainly structured around four main design principles: perceivable, operable, understandable, and robust.  Perceivable means all interface components are presented in ways that the user can perceive, or view. A good example of this is colour contrast. So, if content is deemed invisible, it fails the test. Operable refers to the ability to operate a website, navigate it and interact with its buttons and links. Understandable refers to content that the user can easily use and understand. Finally, robust refers to the robustness of a website’s content and how easily it can be interpreted by assistive technologies like screen readers.  

When it comes to making digital content accessible to all, PDF/UA and WCAG complement each other. PDF/UA ensures PDFs are accessible to all, while WCAG helps provide general guidelines for diverse web content. Both standards focus on creating a logical structure for content, ensuring it's easily understood by assistive technologies.  

Benefits of Accessible Credit Reports 

Accessible credit reports benefit both financial institutions and people with disabilities.  
They allow financial institutions to scale by enabling them to tap into a larger customer base, that of disabled people. They also improve credit risk management, lead to better informed lending decisions and optimised loan pricing. By simplifying and optimising the loan process workflow they contribute to higher efficiency, faster approval, and greater financial inclusion. This not only enhances the financial institution’s reputation, but also ensures compliance with accessibility regulations thereby reducing the risk of penalties. In the long run, this fosters stronger relationships with the client base, long-term cost savings, and more responsible lending practices since they offer a more comprehensive view of the borrower’s financial situation.  

As for people with disabilities, accessible reports improve their participation in the financial system, and increase their access to credit products, thereby improving their credit scores and overall financial health.  

Regulatory and Compliance Requirements for Accessible Credit Reports

Ensuring that credit reports and other digital content are accessible to everyone is crucial for aligning with regulatory requirements, like PDF / UA, WCGA and Section 508 or ADA standards. 

In the United States of America, the two well-known compliance regulations for accessibility are Section 508, and ADA (Americans with Disabilities Act).  Both advise complying with WCAG 2.0 Level AA for digital content. However, section 508 applies to government entities, and focuses on federal ICT accessibility whereas ADA applies to all businesses that serve the public, including restaurants, websites, and telecommunications.  ADA also requires PDFs to be accessible whereas adherence to section 508 doesn’t directly imply that it’s PDF/UA compliant.   

Beyond the United States, organisations must also consider European accessibility requirements which differ in legislative approach and specificity.  Europe has more explicit comprehensive legislation with the European Accessibility Act (EAA) and Web Accessibility Directive (WAD), which specifically cover banking services and public sector digital content. European enforcement is more standardised across member states, with specific implementation deadlines and potential penalties for non-compliance.  
 
It has also adopted the EN 301 549, the European standard for ICT accessibility, which incorporates WCAG 2.1 Level AA and references PDF/UA for document accessibility.  The implemented Web Accessibility Directive further ensures that EU public sector websites and mobile apps meet these criteria, while GDPR promotes inclusive design in data processing and protection. 

Thus, to avoid legal risks, fines and penalties, businesses must use specialised tools, conduct routine audits, integrate essential accessibility features, and make sure that both digital and document-based content satisfies accessibility requirements. Regulations pertaining to the financial and commercial sectors are becoming more and more reliant on accessibility, which is essential for adhering to legal obligations, safeguarding consumers, and encouraging moral company conduct. After all, Accessibility is increasingly being incorporated into the financial and industrial laws, playing a vital part in meeting legal requirements, protecting clients, and promoting ethical company practices. 

How Cedar Rose Helps!

Cedar Rose helps by offering universally accessible credit reports that comply with PDF/UA, WCAG 2.1, EAA, ADA, and Section 508 standards. 

Our tried, tested and trusted credit risk reports allow you to monitor and respond to changes on an ongoing basis, streamline risk assessment processes, ensure regulatory compliance, quickly access and analyse credit data via seamless API integration, minimise bad debt and enhance decision-making.  

Leverage our global coverage and access accurate credit reports from over 250+ jurisdictions via our all-in- one risk intelligence platform CRiS Intelligence. With 25+ years of experience, a global clientele and strong expertise in the Middle East and Africa, we deliver trusted business intelligence solutions to all.  

Contact us to learn more.  

Sources

1. https://webaim.org/projects/million/2023  
2. https://pdfa.org/resource/iso-14289-pdfua/  
3. https://www.audioeye.com/post/web-accessibility-four-principles-for-achieving-wcag-compliance/#:~:text=The%20WCAG%20standards%20include%20four,introduction%20to%20each%20WCAG%20principle.  
4. https://www2.deloitte.com/us/en/insights/industry/financial-services/accessible-banking-for-disabled.html  
5. Section508.gov  
6. https://www.audioeye.com/post/ada-compliance-vs-508-compliance/#:~:text=Section%20508%20applies%20only%20to,differences%20in%20more%20detail%20below.