Detection of cracks in the rail is extremely important to rail infrastructure owners. The Hatfield (UK) accident in 2000, lead to the cost of £ 734 million for repairs and compensation payments. The main cause was undetected crack due to Rolling Contact Fatigue (RCF). For most of the railway operators data related to axle load, frequency of loading, speed, curve radius, contact stress, accumulated tonnage, rail-wheel material, hardness, preventive grinding, lubrication, inspection reports, rail history (source and year of installation) and derailment data along with costs are collected, compiled and kept in different databases at various departments. A recent study by authors found failure and cost data stored in different databases are limited and incomplete. Data are duplicated in some areas and vital information is missing in many other places. These are major barriers for modelling and decision making for rail-wheel inspection and maintenance.This paper focuses on study of current practices related to rail inspection and proposes a practical solution to reduce data related problems and developing a cost-benefit model for rail inspection decisions.