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.