FCA aims to close gaps in borrower's credit files

ChainWatcher · 2026-02-25T11:13:22+00:00

The FCA is seeking opinions on designating specific credit reference agencies to ensure lenders share credit data with all designated CRAs, improving the accuracy of consumers' credit files. The consultation ends on May 1, 2026.

ChainWatcher

2026-02-25 11:13:22

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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, says: ‘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.’

The consultation closes on 1 May 2026.

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