The credit reporting system is no longer fit for purpose. Built for a different era, it fails to account for the dynamics of modern lending, particularly short-term, high-frequency credit products like BNPL. Instead of helping lenders assess risk and enabling consumers to access fair credit, the current system misrepresents creditworthiness. The solution is not to exclude BNPL data from credit reporting. Nor is it to shoehorn new behaviours into old models. We need structural change. A credit reporting system designed for the 2020s should include: 1) Modern scoring logic: Models should focus on actual repayment behaviour and differentiate between product types. High frequency, short term credit such as BNPL should be assessed in its own context. 2) Real-time data infrastructure: Data should be delivered instantly, through APIs and event driven systems, enabling lenders to see the full picture in the moment it matters. Real time capabilities also allow for responsible product design, like adaptive credit limits and instant affordability checks. 3) Fit for purpose standards: Data formats must accommodate transaction-level detail, flexible repayment schedules, and user context. Standards should evolve with innovation, not lag behind it. A shared taxonomy for short-term credit products is also essential to ensure consistent interpretation.