The Financial Conduct Authority (FCA) has launched a consultation proposing to designate certain Credit Reference Agencies (CRAs). Under the new framework, if a lender shares credit data with one designated consumer CRA, it would be required to share that data with all designated agencies.

The goal is clear: close gaps in consumer credit files and ensure they better reflect individuals’ true financial circumstances. More comprehensive reporting would help create a fairer and more transparent credit system.

Alison Walters, Director of Consumer Finance at the FCA, emphasised the importance of reliable data:

“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.”

Credit Reference Agencies collect and maintain personal financial information, including repayment histories, to help lenders assess risk and make informed lending decisions.

However, incomplete credit data can create serious consequences. Consumers may struggle to access credit, face higher borrowing costs, or become vulnerable to unaffordable lending, administrative errors, or even fraud.

The FCA’s proposals aim to strengthen how credit information is shared across the financial system, benefiting both consumers and firms by increasing transparency, improving risk assessment, and supporting responsible lending.

The consultation remains open until 1 May 2026. Consumers seeking to review their credit profile can visit MoneyHelper for guidance on how to check their credit report free of charge.