Loqbox Chief Risk Officer, Tim Porter, appointed as a Director of the new Credit Information Governance Body (CIGB)

Poised to help shape the future of UK credit information, Loqbox CRO Tim Porter has joined the CIGB with a clear purpose: to make credit information clearer, fairer and more inclusive. 

Q: Tim, you’ve been appointed as a Director of a new body called the Credit Information Governance Body (CIGB). Can you tell us more about it?

Tim: It’s a self-regulatory body created to supervise and help regulate the UK credit information market, and how credit information is acquired, processed, and used.

That includes how lenders report to the Credit Reference Agencies (CRAs), how that information is shared, and how it’s ultimately used by services like ours, for example, when we help members understand their credit profile and improve their credit scores.

Because Loqbox is a credit information service provider (a CISP), we sit within that wider ecosystem, too. Over time, the CIGB will become something like the UK’s governance body for “all things” credit information.

“We want consumers to be more confident and comfortable interpreting their credit information.”

Q: How did the CIGB come into being?

Tim: Our CEO, Tom, participated in the working groups that were organised as part of the Credit Information Market Study  (CIMS) and the Interim Working Group (IWG), which led to the formation of the CIGB.

CIMS was kicked-off by the Financial Conduct Authority (FCA) back in 2019, and it became a substantial, multi-year study.  The aim was to better understand:

• how credit information is gathered
• how it’s used
• how the market works overall
• if there were any instances of customer harm present in the market 
• if there were any specific improvements that could be made in the market 

Over the course of several reports, the study recommended various changes. The final report was the one that called for the formation of the CIGB, and also outlined a number of remedies, meaning things that needed to change in how credit information is used.

“The credit information market is much, much wider than the three longstanding CRAs.”

Q: What are those remedies, and what is the board responsible for?

Tim: The CIGB board is responsible for delivering the CIMS industry-led remedies, changes that the industry agreed to lead on.

These include:

• A common data format for credit information
• Streamlined access to statutory credit reports
• A streamlined disputes process, so if someone finds incorrect information, it’s easier to raise and resolve
• Improvements around notices of correction
• Vulnerability markers for vulnerable customers
• More timely reporting of data

Alongside those, there are also FCA-led remedies, which focus more on improving the quality of credit information and consumer understanding of statutory credit reports. These include:

• mandatory data sharing with designated CRAs
• regulatory reporting to the FCA
• data contributor requirements
• error correction and reporting expectations

Loqbox is also a data contributor because we report member repayment performance each month to the CRAs through our products.

Q: What does your appointment say about the direction the industry is moving in?

Tim: I think it reflects a recognition that the credit information market is much wider than the three longstanding CRAs.

For a long time, the system has felt like a “triumvirate”,  dominated by the big three. But the reality is that the credit information ecosystem is much broader now, and there are many players involved.

The board has four industry-nominated and appointed directors, representing different constituencies:

• Lenders
• The CRAs (Experian, Equifax, and TransUnion)
• Newer and aspiring CRAs, and credit information providers
• Other regulated and non-regulated firms across the ecosystem

It’s very broad, and includes utility companies, rent reporting providers, and other services where payment performance data can help build a fuller picture.

For example, utility reporting is still a huge opportunity, and so are the water companies.

Overall, it’s a long-overdue acknowledgement that credit information is a bigger ecosystem than people have historically treated it as.

Q: Why are you excited about the opportunity?

Tim: For me personally, being on a UK self-regulatory body is really interesting, especially as a governance, risk and compliance professional. There’s also the opportunity of building something new.

At the moment, it’s a very small organisation. The body will likely grow to around 15–25 people over time, but right now there are only three employees, so there’s a lot of hands-on work in the early days, but it’s a chance to lend my experience and collaborate with some of the biggest influencers in our industry.

Q: What changes might people actually see in the coming years because of the formation of this body?

Tim: One obvious ambition is moving toward a common data format.

Right now, the three major agencies are deeply established, and they all have different reporting standards and formats. We want consumers to be more confident and comfortable interpreting their credit information.

Even today, it’s inconsistent: one score goes up to 999, another up to 763, another might use a different scale entirely, and it’s all quite disparate.

Over time, the underlying credit factors will also evolve. More forms of real-world behaviour may be included,  like rent payments.

Loqbox was one of the first to join the Experian Rent Exchange and begin reporting rent payments, and now all three agencies accept rent reporting. Utility reporting is likely to be part of that evolution, too.

The overall objective is better consumer outcomes, where:

• People understand their credit profile more easily
• People understand what behaviours improve or maintain their credit history
• Lenders can use data in ways that are more inclusive and less likely to disadvantage particular segments

In other words, credit information should become something people can genuinely understand and use, not something that adds mental load and confusion.

Notes for editors

Who is Tim Porter?

Tim Porter is Chief Risk Officer at Loqbox, a Bristol‑based fintech focused on financial wellbeing and credit building. He leads risk strategy, governance and regulatory engagement, information security and legal.  Loqbox works closely with CRAs, lenders, and financial charities to support responsible, inclusive use of credit data.  He has over 30 years of experience in driving global regulatory programmes, governance transformation, and post-acquisition integration. Former Managing Director at Standard Chartered Bank and founder of a boutique GRC consultancy.  He is a Fellow of the International Compliance Association, and currently a Board member at The Bourne Academy, Bournemouth (Finance, Audit and Risk Committee) and Trustee of Hendy Foundation.

What is Loqbox?

Loqbox is a membership credit-builder. It has helped more than 1m people make regular repayments using savings, credit and rent tools, and reported the activity to the three CRAs. It builds credit history and creates greater access to financial products and more affordable borrowing rates for its members.