The Financial Conduct Authority (FCA) has set out new proposals to give lenders access to more comprehensive information to support lending decisions by closing gaps in borrowers’ credit files and ensuring these more accurately reflect people’s financial circumstances.

The regulator said it was consulting on designating credit reference agencies (CRAs), and that if a lender shares credit information with one designated consumer CRA, it would be required to share it with them all.

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

For information that CRAs hold which is limited, people may face barriers to accessing credit, or be exposed to increased risks of unaffordable lending, errors or fraud. The FCA said its proposals aim to improve how credit information is shared across the system, benefitting both consumers and firms.

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

Senior director of risk at financial services consultancy Broadstone, Richard Pinch, commented that ensuring lenders have access to more complete and consistent credit data is a logical and “welcome step”.

Pinch added: “Requiring firms to share data with all designated credit reference agencies should help reduce blind spots in credit files, improve risk assessment and support more accurate pricing and affordability checks.

“For lenders, however, the proposals will mean reviewing operational processes to ensure they can comply on a consistent basis. There will also be a focus on data quality as more comprehensive reporting will increase the visibility of any gaps or inaccuracies.

“If implemented effectively, the reforms have the potential to widen access to credit for consumers, particularly for those whose financial positions are not currently fully reflected in their records.

“The consultation will be an important opportunity for firms to engage on the practicalities, proportionality and implementation timelines to ensure the new framework delivers the intended benefits across the market.”

The FCA’s consultation closes on 1 May 2026.

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