Premium Member Roundtable: Why aren’t we using real time data in credit information? 

The discussion, held under Chatham House Rule and chaired by a representative from CIGB, quickly established that the challenge is not just about being able to access more data. Instead, participants agreed that the real barriers lie in infrastructure, data quality, standardisation and the industry’s willingness to invest in change. 

Technology is only one part of the challenge 

While the concept of real-time credit information is attractive, delegates recognised that sharing data is only one piece of a much larger puzzle. 

Even if organisations were able to exchange information instantly, lenders would still require the systems and analytical capability to consume, process and act upon that data effectively. Modernising credit decisioning therefore requires investment across the entire technology stack, rather than simply creating new data feeds. 

Several attendees noted that many existing platforms were never designed to handle continuous streams of information, meaning organisations would need significant upgrades before they could fully benefit from real-time datasets. 

The conversation highlighted that introducing real-time information is not simply a technical enhancement, but a broader transformation programme involving technology, operations and governance. 

Data quality remains the industry’s biggest obstacle 

Perhaps the strongest consensus of the session centred on data quality. 

Participants argued that improving the speed of information is of limited value if the underlying data cannot be trusted. Before the industry focuses on delivering information in real time, there must be confidence that the information being shared is accurate and consistent. 

Delegates suggested that current approaches to data quality remain outdated, with one participant remarking that data quality processes on both sides of the information exchange need to be brought "out of the medieval period." 

The feeling around the room was that poor-quality data delivered faster simply risks producing poor-quality decisions more quickly. 

As a result, improving validation processes, cleansing data at source and establishing stronger quality controls were viewed as essential foundations for any future real-time system. 

Standardisation is critical 

If one topic generated near-universal agreement, it was the need for common standards. 

Attendees repeatedly highlighted inconsistent data formats as one of the biggest barriers preventing wider adoption of real-time information sharing. Different organisations continue to structure, define and exchange data in different ways, creating unnecessary complexity whenever information moves between lenders, bureaus and other providers. 

Rather than individual organisations developing their own approaches, delegates called for genuine industry-wide standardisation. 

Creating a common data model would reduce friction, improve data exchange and significantly simplify the sharing of information between participants. 

Several attendees argued that establishing common standards should become one of the industry’s highest priorities, suggesting that many of the technical challenges associated with real-time data would become far easier to solve once organisations were working from the same framework. 

Collaboration will be essential 

The discussion also recognised that no single organisation will be able to solve these challenges alone. 

Delegates felt that meaningful progress will require collaboration across lenders, credit reference agencies, technology providers and industry bodies. Without collective agreement on standards and implementation, organisations risk building isolated solutions that fail to deliver the broader benefits the industry is seeking. 

Alongside standardisation, attendees also discussed the importance of creating practical transition models that allow organisations to migrate from current processes without causing unnecessary disruption. 

Rather than expecting every participant to adopt a new approach simultaneously, there was support for phased implementation that would enable organisations to modernise at a sustainable pace. 

The role of the credit bureaus 

Credit reference agencies were naturally part of the conversation, with delegates discussing how bureaus could contribute to accelerating industry progress. 

Some participants suggested that greater consistency in how information is shared between bureaus and lenders would help remove many of today’s inefficiencies. There was also discussion around encouraging broader information sharing to support richer, more comprehensive datasets across the market. 

However, attendees acknowledged that this must be accompanied by common standards and robust governance. Simply increasing the volume of information without addressing consistency and quality would do little to improve outcomes. 

Building the foundations first 

While real-time credit information remains an attractive ambition, the discussion concluded that the industry’s immediate priorities are more fundamental. 

Participants agreed that success depends on building strong foundations first: improving data quality, establishing common data standards, investing in modern technology platforms and developing collaborative approaches across the ecosystem. 

Only once these building blocks are in place can the industry fully realise the benefits of real-time data, through faster decision-making, improved customer experiences and more accurate risk assessment. 

The roundtable ultimately reinforced that the question is no longer whether real-time credit information is desirable, but how the industry can work together to make it practical. For many in the room, the answer was clear: focus less on speed in isolation and more on creating an ecosystem where high-quality, standardised and trusted data can flow seamlessly between participants. Only then will real-time credit information become a sustainable reality rather than an aspirational concept. 

To continue similar conversations in our premium member roundtables both online and in-person, see what’s coming up on our micro events page here.