16.08.2022
The recent annual conference of the European Association of Credit Bureaus “ACCIS” highlighted the important role of credit bureaus for the national economy and the need to assess the credit behavior and ability of the borrower across the range of credit funds that he can receive. The conference was held in Brussels and was attended by Artemis Credit Bureau, the Cyprus Credit Bureau, as a full member of ACCIS since its inception.
Artemis Credit Bureau was represented at the conference on “Ensuring Access to Responsible Lending” by its CEO, Yiannis Tomasides, who told CNA that including data from the widest range of loan categories is the only way to build a global and complete picture of a borrower’s financial behavior.
Thomasides said the conference covered a range of topics of interest to the credit bureau industry, including upcoming EU-level legislative changes, privacy protection, “as well as developments and innovations in the services offered by credit bureaus to fulfill their core mission . This is support for responsible lending and responsible borrowing.”
“Including data from the widest range of categories of credit lines is the only way to form a complete picture of the borrower’s financial behavior, which, on the one hand, provides lenders with an objective assessment of the borrower’s creditworthiness, and on the other hand, protects the borrower . about getting a new line of credit that, based on his available income and existing liabilities, he cannot service,” Tomasides said.
He also mentioned the important role played by credit bureaus as data exchange systems in the development of the infrastructure of the financial system and, accordingly, the economy of the country.
“It is for this reason that data exchange systems, according to the World Bank, are one of the three main pillars of an effective financial system that contributes to the financial stability of the country,” he said.
Tomasides explained that credit bureaus, such as Artemis Credit Bureau, bridge the gap between loan providers and borrowers (consumer borrowers) and help both lenders and consumers make more informed decisions.
