FCA proposes action to close gaps in borrowers’ credit files
Why this matters
This regulatory update from the FCA proposes measures to improve the credit information market, including requiring lenders to share consumer credit information with all designated credit reference agencies. This aims to close gaps in consumers' credit files and ensure the information accurately reflects their financial circumstances. The proposals impact a range of financial firms involved in lending and credit reporting.
AI-generated classification rationale, not a full analysis. Verify with the original FCA source before acting. Full disclaimer.
What the FCA said
Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the FCA. 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…
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Context
Financial Conduct Authority (FCA) — UK financial services regulator. We track 425 updates from them.
Financial services regulation in the UK, primarily overseen by the FCA and PRA. Browse all United Kingdom updates.
This update is classified under Consumer Protection / Conduct, Reporting & Disclosure, Authorisation & Licensing and Banking & Credit.