The Financial Conduct Authority has launched a consultation on new Handbook rules and guidance to implement FCA-led remedies from its Credit Information Market Study, aimed at improving the coverage and quality of consumer credit information. Central to the proposals is a mandatory reporting framework under which firms that share consumer credit information on in-scope agreements with at least one designated consumer credit reference agency would have to share all available information with all designated agencies, alongside new requirements to improve data accuracy and dispute handling. The proposed framework would apply across a defined set of regulated activities in consumer credit, mortgages and certain home finance and peer-to-peer lending activities, with monthly sharing as the baseline. The FCA proposes to designate Equifax Ltd, Experian Ltd and TransUnion International UK Ltd, set out designation factors in a new DCCRA Sourcebook, and restrict designated agencies from using designation status as a marketing tool. Additional measures include requirements for firms to test and monitor data accuracy, correct inaccuracies across all credit reference agencies to which they provided the information, and respond within 14 days to disputes raised via section 159 of the Consumer Credit Act 1974 (subject to limited exceptions). Separately, the FCA proposes requiring firms undertaking specified credit and home finance activities to report County Court Judgments and Scottish decrees as satisfied to the relevant court or Registry Trust when they become aware the debt has been repaid in full. The consultation also proposes a high-level “permitted use” requirement limiting use of consumer credit information shared under the framework to activities related to promoting responsible lending. The cost benefit analysis provides a central estimate of total present value costs of GBP 63.4m over a 10-year period. Comments are requested by 1 May 2026. If rules are made, the FCA proposes the regime would come into force 12 months after its Policy Statement is published, with a 6-month lead-in before mandatory sharing applies to firms that begin sharing with a designated agency for the first time after commencement. The FCA also plans to use a section 165 FSMA request to gather information from designated agencies around one year after the mandatory reporting requirements take effect before considering any further consultation on ongoing regulatory reporting by designated agencies, and it is not consulting at this stage on statutory credit report signposting rules, instead setting expectations under the Consumer Duty.

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