Context
The FCA has issued a consultation paper on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them all. The changes aim to close gaps in consumers’ credit files and ensure these more accurately reflect people’s financial circumstances.
Key points to note and next actions
Where the information CRAs hold is limited, people may face barriers to accessing credit, or be exposed to increased risks of unaffordable lending, errors or fraud.
The FCA’s proposals aim to improve how credit information is shared across the system, benefitting both consumers and firms.
The FCA is proposing that credit and mortgage firms who currently share consumer credit information with at least one of the credit reference agencies to be designated by the FCA, will be required to share the same information with the other designated agencies. The consultation closes on 1 May 2026.