Collaborates with immediate credit reporting agency Infact: Curve seeks expanded credit availability
In a significant move towards modernizing the UK's credit information market, Infact, a UK-based real-time credit bureau, and digital wallet provider Curve have joined forces. This partnership aims to set a new industry standard for fairer, more accurate credit reporting.
Through this collaboration, Curve customers will now have their credit files updated instantly through Infact's 'Reporting API'. This shift marks a departure from the legacy credit bureaus that update information on a monthly cycle and can take up to 90 days.
The Infact-Curve partnership introduces real-time credit reporting, a game-changer in the credit industry. This modernization significantly enhances the timeliness, accuracy, and transparency of credit data shared with lenders and consumers.
Key aspects of this partnership include:
- Real-time Data Updates: Traditional credit reporting often involves delays, with information updated monthly or less frequently. By contrast, the Infact-Curve partnership integrates continuous data feeds to report credit activities — such as payments, new credit, and changes in credit status — as they happen. This reduces information latency and improves the accuracy of credit assessments.
- Enhanced Consumer Engagement: Real-time reporting allows consumers to monitor changes promptly, detect errors or fraud faster, and manage their credit more actively. This transparency encourages better financial behavior and risk management.
- Improved Risk Assessment for Lenders: Access to the most current credit information enables lenders to assess risk more precisely and make lending decisions that reflect an applicant's up-to-date financial situation. This can facilitate quicker credit approvals and more tailored credit offers.
- Market Efficiency and Innovation: By modernizing credit data exchange, the partnership supports innovation in financial services, such as dynamic credit scoring, personalized lending products, and more effective credit risk management frameworks within the UK's financial ecosystem.
While the specific technical details and full scope of Infact-Curve's integration are not yet fully disclosed, real-time credit reporting broadly represents a significant shift from legacy data sharing towards more agile, data-driven credit markets globally. This transition aligns with broader trends in financial technology aiming to improve market transparency and consumer financial health.
Will Mason, CEO of Infact, stated that the partnership with Curve is a "vital step toward modernising the UK's credit information market". With more than 20 million financially vulnerable Britons, according to Infact, this partnership could potentially help those individuals by providing lenders with instant, accurate, and comprehensive credit information.
The Infact-Curve partnership is not just a step towards modernization, but also a step towards fairness and accuracy in the credit reporting industry. The partnership is set to take place at the Open Banking Expo UK & Europe, scheduled at the Business Design Centre in London on 21-22 October. Registration for the event can be found online.
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