FCA proposes action to close gaps in borrowers’ credit files

Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the Financial Conduct Authority (FCA). 

The FCA is consulting 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. 

Alison Walters, director of consumer finance at the FCA, said: “Access to affordable credit relies on good quality data – it's vital in helping consumers navigate their financial lives. That's why we want to make sure everyone's credit information is as full and accurate as possible.”  

CRAs collect personal financial data – including credit repayment histories – to provide lenders with information that helps inform lending decisions.  

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 consultation closes on 1 May 2026. Consumers can visit MoneyHelper for information on how to check their credit report for free. 

Notes to editors: 

• The consultation follows the Credit Information Market Study which set out measures to improve the credit information market. 

• 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. 

• There are additional proposals on the quality and accuracy of information shared about consumers and on firms marking county court judgments (CCJs) or Decrees as satisfied (with the relevant court or Registry Trust), where a consumer has repaid the debt. 

• The final report was published in December 2023 and proposed a package of remedies. This included FCA-led remedies, some of which are set out in this consultation. The final report also proposed reforms to industry governance arrangements and other industry-led remedies. A new Credit Information Governance Body (CIGB) has now been established, while industry participants have also commenced work on the industry-led remedies.