The report recognises the low appetite for important changes in credit data sharing. Experts rejected global and complex solutions, such as setting up a pan-European credit register or aligning all Member States to a single credit data model.
The Commission consults on the Expert Group report on Credit Histories. The report explains that credit data sharing between creditors is considered an essential element of the financial infrastructure. The use of credit data in assessing borrowers’ creditworthiness is key in order to enhance the quality of creditors’ loans portfolio and thus reduce risks. It also assists creditors in complying with responsible lending obligations.
While national credit reporting systems effectively assist creditors in assessing credit requests, obstacles to the access to and exploitation of foreign credit data is one of the barriers to the development of cross-border lending activities.
The report recognises however the low appetite for important changes. Thus, experts have rejected global and complex solutions, such as setting up a pan-European credit register or aligning all Member States to a single credit data model. According to the group, data access model choices should be market driven and any solution, before being implemented, need to be careful evaluated in terms of their costs and benefits for both consumers and creditors.
The report’s analysis and recommendations, as well as reactions to them, will be taken into account by the Commission when developing its future position on credit histories.
Deadline for consultation is 31 August 2009.
Consultation document
Expert Group report
Further information
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