Hitting the Real Time – Accurate, timely bureau reporting

James Bryce-Lind, Founding Commercial Director at InFact, the UK’s challenger credit bureau discusses transformative impact of real-time data on credit decisioning and the challenges posed by legacy systems.

He explains some of the innovations InFact is bringing to market to support financial inclusion, especially for thin-file and subprime consumers, and why this is needed.

Find out more about Infact -> Here.

Key Take Aways

InFact is the UK’s fourth category one credit bureau, positioned as a modern, real-time challenger to Experian, Equifax, and TransUnion.
Delays in credit data reporting contribute significantly to default rates, with real-time data offering potential to mitigate this.
Approximately 7.1 million UK adults are excluded or underserved in the credit system due to thin credit files.
Real-time bureau reporting can materially enhance credit decisioning, reduce exclusion, and improve risk pricing accuracy.
Multi-bureau reporting is gaining traction, driven by a need for broader consumer visibility across lenders.
Open banking has value but lacks scalability due to issues in categorisation, conversion, and consumer adoption.
InFact’s Delta platform helps automate and validate bureau data reporting in real time, reducing risk and manual workloads.
Real-time data enables better early-warning alerts for collections, credit card management, and limit setting.
Buy Now, Pay Later (BNPL) is a high-potential but structurally underreported sector that would benefit from real-time bureau visibility.
Regulatory requirements are driving increased adoption of real-time and multi-bureau reporting, particularly in BNPL.
Partnerships with socially focused lenders are central to InFact’s mission to support financial inclusion.
Transitioning to API-based reporting is seen as critical for modern credit product effectiveness and accuracy.

Innovation

Delta Platform: A real-time bureau data validation tool enabling seamless multi-bureau reporting with immediate feedback and error resolution.
Real-Time API Reporting: Enables lenders to report and access credit data immediately, improving credit risk models and customer outcomes.
Inclusive Lending Innovation Charter: A framework designed to support lenders serving financially excluded consumers by providing affordable, real-time credit bureau infrastructure.
Hybrid BNPL Integration: Real-time integration with modern BNPL products (e.g., Curve Flex) facilitates immediate credit visibility and risk evaluation.

Key Statistics

7.1 million people in the UK are financially excluded or underserved (~14% of adult population).
20–30% of defaults stem from risks identifiable via intra-month reporting.
3 million individuals in the UK have used local money lenders in the past three years.
90% of BNPL purchases are paid off before their due date.
Day 40–45: Typical timeline for receiving bureau load reports post submission under legacy systems.
5%: Target first payment default rate for the subprime personal lending market, compared to higher industry norms.
10+: Average number of financial products per UK consumer.

Key Discussion Points

The systemic inefficiencies caused by legacy credit bureau reporting formats (e.g. Keys and Insight files).
The need for more granular, real-time data to support risk-based pricing and financial inclusion.
Delta’s role in simplifying and accelerating the reporting lifecycle for lenders.
Comparative value and limitations of open banking versus bureau-sourced credit data.
Thin file issues causing consumer exclusion and elevated APRs.
Increasing interest in multi-bureau reporting and associated technical burdens for lenders.
Importance of accurate data to reduce customer detriment and regulatory risk.
Real-time alerts as a critical enabler for effective collections and credit management.
The need for buy now, pay later data to be reported in real time to ensure accurate credit decisions.
InFact’s work with lenders like Curve to implement API-based real-time reporting.
Building market trust through phased product releases and sector-specific engagement strategies.
Strategic focus on expanding into credit unions and underserved lending segments via the Innovation Charter.