The government has passed regulations that require designated banks to share information on their Small and Medium Enterprise (SME) customers, with the SME’s permission, with designated credit reference agencies (CRAs) which must provide equal access to this information to all finance providers. This will open up access to SME credit data, levelling the playing field between the major banks and alternative finance providers.
Update 1 July 2016: The process for applications from Credit Reference Agencies and Finance Platforms to apply for designation under the Small and Medium Sized Business (Credit Information) and Small and Medium Sized Business (Finance Platform) Regulations 2015 has reopened. Acting as HM Treasury’s agent, the British Business Bank will oversee the application process before providing advice to HM Treasury. More information can be found on the British Business Bank’s website