Data on contractual terms and conditions -- such as the interest rate, principal, and maturity of a loan -- are key ingredients in risk calculations. We recommend that such data be captured at the most granular level: as attributes of specific legal contracts. The alternative is to capture the information at some higher level of aggregation, such as the average interest rate and maturity across all loans in a portfolio. However, aggregated data are necessarily and unavoidably less informative than fully granular data. Detailed data will provide the flexibility required to feed a diverse range of risk models.  The resulting insights will be invaluable in identifying future systemic fragilities, whose source cannot be predicted today.  Because granular, contract-level data will typically constitute business confidential information, data security will be a core feature of the NIF.