FCA plans new rules to close gaps in credit files – here’s how it could help you

The Financial Conduct Authority (FCA) has set out plans that could give lenders access to better and more complete credit information. The aim is simple: to make credit files more accurate, so people are treated fairly when they apply for loans, credit cards, mortgages and other financial products. 

The regulator has launched a consultation on new rules for credit reference agencies (CRAs). These are the companies that collect and hold information about your credit history. 

What’s changing? 

Right now, not all lenders share the same information with every credit reference agency. That means your credit file can look different depending on which CRA a lender checks. In some cases, important information might be missing. 

Under the FCA’s new proposals: 

• If a lender shares information with one designated consumer CRA, it will have to share it with all of them. 

• CRAs will need to improve the quality and accuracy of the information they hold. 

• Firms will need to make sure county court judgments (CCJs) or Decrees are marked as “satisfied” once a debt has been fully repaid. 

The goal is to make sure people’s credit files give a full, fair and up‑to‑date picture of their finances. 

The FCA says that better data helps lenders make safer decisions and helps consumers get access to credit that’s right for them. 

What this means for you 

More complete and accurate credit files could make a real difference to everyday borrowers. These changes could: 

• Give you a better chance of being accepted for credit when your file shows a true picture of your financial situation. 

• Help prevent mistakes and missing information, which can sometimes harm credit scores. 

• Protect people in financial difficulty, because lenders will have a clearer view of what is affordable. 

• Reduce the risk of fraud or errors, as all CRAs will be working from a more consistent set of data. 

In short, a more joined‑up system means fewer nasty surprises and a fairer shot at getting the credit you need. 

What you should do now 

While the plans are still being consulted on, there are steps you can take today to make sure your credit information is correct. 

• Check your credit report for free - You can access free copies of your credit report with all three credit referencing agencies including TransUnion, Equifax, Experian.  

• Make sure everything is up to date - Look out for old addresses, closed accounts shown as open, or balances that look wrong. 

• Report any errors - If something doesn’t look right, raise a dispute with the CRA. They must investigate and correct confirmed mistakes. 

When will these changes happen? 

This is still at the consultation stage, so nothing changes yet. The consultation closes on 1 May 2026. After that, the FCA will review the feedback and decide on the final rules. 

If the proposals go ahead, the changes would be introduced later, once firms and CRAs have time to put the new requirements in place. 

Key takeaways

• The FCA wants new rules so lenders must share credit data with all major credit reference agencies, not just some.

• The aim is to close gaps in people’s credit files and make them more accurate and consistent.

• Better data means fairer lending decisions and fewer mistakes that could harm your credit score.

• In the meantime, you can check your credit reports for free with all three major CRAs and fix any errors today.

• These changes are only proposals for now; the FCA’s consultation runs until 1 May 2026.