FCA Proposes Action to Close Credit File Gaps for Borrowers

Detected February 26th, 2026

Summary

The FCA is consulting on proposals to require lenders to share credit information with all designated consumer credit reference agencies (CRAs). This aims to close gaps in consumers' credit files and ensure they more accurately reflect financial circumstances. The consultation closes on May 1, 2026.

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What changed

The Financial Conduct Authority (FCA) has launched a consultation proposing new rules that would require lenders to share comprehensive credit information with all designated consumer credit reference agencies (CRAs). This initiative stems from the FCA's Credit Information Market Study and aims to address gaps in consumer credit files, ensuring they more accurately reflect individuals' financial situations. The proposals also include measures to improve the quality and accuracy of shared data and ensure that county court judgments (CCJs) are marked as satisfied upon debt repayment.

Regulated firms, particularly lenders and credit reference agencies, should review the consultation paper (CP26/7) and consider submitting feedback by the deadline of May 1, 2026. If implemented, these changes will necessitate adjustments to data sharing practices to ensure compliance. The goal is to improve access to affordable credit for consumers and reduce risks associated with incomplete or inaccurate credit information. Failure to comply with future regulations could lead to supervisory action by the FCA.

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FCA proposes action to close gaps in borrowers’ credit files

Press Releases First published:

25/02/2026

Last updated: 25/02/2026
Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the 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

Read CP26/7: Credit Information Market Study: Proposed approach to implementing FCA remedies.
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.
Find out more information about the FCA.

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