How will new loan applications be "filtered"? - Credit bureaus will have a "financial CV" with detailed data for each borrower
Credit bureaus are expected to be the newest entities that will come to the aid of banks during the lending process. Any bank and other financial institution that provides credit can request credit reports from the Credit Bureau. Credit reports contain information on the borrower, starting with the identity card or passport data, residential address, employment status, the entire credit history, such as the number of credit applications, previous credit agreements with details on the currency and initial value of the obligation, arrears and the termination of the agreement.
Credit reports may also include a point rating (also called credit scoring) that assesses a borrower's solvency and risk level.
Based on these reports, a bank can decide whether or not to grant credit to a client. Citizens have the right to be informed of the information that credit bureaus hold about them, as well as the source from which this information was obtained.
But where do they come from?
According to the draft law published for public consultation, banks, payment institutions, electronic money institutions, other payment service providers, non-bank financial institutions, savings and credit associations, savings and credit associations unions, insurance companies, the Bank of Albania, the General Directorate of Taxation, Regional Tax Directorates and Local Government Units (Taxes and Tariffs), legal entities that carry out activities in the field of electricity distribution, water supply and sewage, and electronic and postal communications, as well as other legal entities that supply goods and services that result in obligations for legal entities and natural persons, will be the main sources of information.
Who can establish a Credit Bureau?
Banks, non-bank financial institutions, as well as any legal entity whose activity is closely related to the collection, processing, storage and distribution of credit information for natural and legal persons for the purpose of assessing their creditworthiness. After registering as a joint stock company, to operate as a Credit Bureau, the company is provided with a license from the National Business Center.
To guarantee the protection of personal data, credit bureaus will be supervised solely by the Commissioner for the Right to Information and Personal Data Protection.
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