Improving the quality of credit risk assessment - The draft law provides for the establishment of Credit Bureaus as private entities
The Ministry of Economy and Innovation has issued for public consultation the draft law "On Credit Bureaus". Its purpose is to ensure the availability of reliable credit information, to guarantee an accurate and regular assessment of the creditworthiness of natural and legal persons, as well as to contribute to the promotion of honest and responsible lending and borrowing.
In the absence of a standardized system, financial institutions face difficulties in assessing the creditworthiness of clients, which often leads to increased credit costs and the exclusion of individuals and businesses from the financial market. The draft law aims to prevent credit fraud and deceptive practices in the process of granting and using credit, in purchases with deferred payment or installments, as well as in other financial or commercial relationships that involve the provision of financing or the emergence of obligations for payment on time, which are the subject of credit reporting under this law.
At the same time, the draft law increases the transparency and reliability of credit information, supporting a more accurate assessment of the solvency of clients and a more informed decision-making by reporting entities and authorized users of credit information. It also guarantees the protection of the rights and interests of data subjects, ensuring the lawful, fair, accurate and transparent treatment of credit information belonging to them.
Currently, in the Republic of Albania there is no specific legal framework regulating the establishment, licensing and operation of credit bureaus as private entities. The Bank of Albania administers the Credit Registry, in which banks and other financial entities report credit information in accordance with the obligations set out in the legislation and by-laws in force, for purposes related to the exercise of its supervisory and regulatory functions towards entities licensed and supervised by it.
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