Open Banking is revolutionizing the UK's credit information market by providing consumers with supplementary data sources to build up their credit file and lenders with real-time insights into prospective borrowers. This innovation can improve consumer outcomes in areas such as access to credit, affordability of loans, and understanding of credit information. The Financial Conduct Authority (FCA) should explore incentives for Credit Reference Agencies (CRAs) and lenders to incorporate Open Banking data into lending decisions, while also driving for Open Finance to give a fuller picture of borrowers' financial situation. The benefits of Open Banking include improved consumer outcomes, increased access to credit, and more effective lending decision-making, but there are limitations with traditional approaches to credit information that can lock consumers out of loans or penalize those with thin credit files. The FCA should create incentives for CRAs and lenders to use Open Banking data, explore opportunities for Open Finance, and push for regulatory sandboxes to support larger-scale loan decisions.