The regulator added that if a lender shared credit information with one designated credit reference agency, it would be required to share it with them all.
Potential new Financial Conduct Authority consumer credit information rules
The regulator said the change aims to “close gaps in consumers’ credit files and ensure these more accurately reflect people’s financial circumstances”.
There are also additional proposals around 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
More complete financial data sharing to help the FCA facilitate responsible lending
Credit reference agencies collect personal financial data, such as credit repayment histories, to offer lenders with information to assist in their decisions.
Where the information these agencies hold is limited, people may face hurdles to accessing credit and be more exposed to “risks of unaffordable lending, errors or fraud”.
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Consultation at FCA easing mortgage lending rules in the UK
The proposals aim to improve how credit information is shared across the system and will benefit both consumers and firms.
The consultation will close on 1 May 2025.
Wider information sharing could mean fairer mortgage lending, says FCA
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.”
