FCA seeks to close credit file gaps to improve lending
By Benjamin Chiou
Date: Wednesday 25 Feb 2026
(Sharecast News) - UK financial regulators have proposed changing information-sharing rules for lenders to close gaps in borrowers' credit files.
The Financial Conduct Authority announced on Wednesday that it is consulting on potential changes that will mean if a lender shares credit details about a borrower with one consumer credit reference agencies (CRA), it would be required to share them with all designated consumer CRAs.
CRAs typically collect personal financial data, such as borrowers' history with credit repayments, to give banks and loan provides with more information to inform lending decisions.
The FCA claims that, when CRAs only have limited information, consumers seeking loans could face more obstacles in accessing credit, or be exposed to increased risks of unaffordable lending, errors or fraud.
The regulator said that its proposed changes should benefit both consumers and firms to ensure credit files "more accurately reflect people's financial circumstances".
"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," said FCA director of consumer finance Alison Walters.
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