End of long procedures to get a loan - Zefi: With the Credit Bureau, banks will decide faster. Financial history, key in the assessment
With the creation of Credit Bureaus, citizens will no longer face the lengthy procedures that banks currently have to grant loans, as the latter will have at their disposal a complete database that verifies the reliability of clients, thus making decision-making faster.
According to professor Altin Zefi, the lending process is expected to become simpler in the future, as citizens and businesses with a good history of repaying previous loans or other payments will be "rewarded", while those with a poor history will be penalized.
"It will certainly facilitate lending, it will result in a reduction in the credit rate for many citizens, but it may make it more difficult for those citizens who have had problems in paying their deferred loans and tax obligations, because their credit rating will be lower. So, of course this is a call, it is an invitation for all of us, for all citizens to be responsible when they take out a loan, to pay, to repay the obligations on time, so that their credit rating does not fall, that it is not low, so that when they apply for a loan when they need it, it is approved," emphasized Zefi.
How do Credit Bureaus differ from the Credit Registry that currently exists? The lecturer states that the credit registry is maintained by the Bank of Albania and collects data on every individual who receives or applies for a loan, storing it as in a registry, but raw and not available for information to second-tier banks or other financial institutions.
"In countries in the region, the Credit Registry contains data on about 40% of citizens, while the credit bureaus of these countries have information on almost 100% of citizens, because their information does not only come from financial institutions such as banks or savings and loan associations and others, but also receive information from local government institutions, from public service providers. And at the moment this individual applies for credit, the financial institution to which this individual applies may have available the financial data and financial behavior of this individual, reducing the decision-making time, making the information for this individual seeking credit more complete, faster. And in this way, if a borrower, an applicant is responsible, has paid his bills on time, has been financially responsible, the interest rate is also reduced ," he said.
The Bank of Albania will make available data from the Credit Registry to create the initial database for the Credit Bureau and will have no other role, while the draft law does not provide details on whether there will be an institution that will monitor these entities.
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