FCA consults on designation of Credit Reference Agencies

Following the Credit Information Market study, the FCA is consulting on proposals to close gaps in consumers’ credit files by designating certain Credit Reference Agencies and requiring lenders who share credit information with one designated CRA to share it with them all. It is concerned that where CRAs hold limited data, consumers may find it hard to access credit or may be exposed to risks of unaffordable lending, errors or fraud.

Consultation closes on 1 May.