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13 Sep 2013

Towards Better Use of Credit Reporting in Europe

Elina Pyykko

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This report discusses how the current EU credit reporting systems meet the demands of the different stakeholders in the credit granting and management process, and what is needed to improve these systems. As credit reporting is a tool for responsible lending and for ensuring financial inclusion of consumers, it argues that the needs of EU credit markets and consumers should be the basis for assessing the current regulation and its functionality. How a creditor assesses the risk and the creditworthiness of a customer is at the core of successful and safe crediting. Facilitating this assessment process, within the boundaries of data protection laws, is a key building block for making well-informed credit decisions.

This report contains the findings and policy recommendations of the CEPS-ECRI Task Force on The Future of Credit Reporting in Europe, chaired by Professor Dieter Steinbauer. At the time of drafting the report, rapporteur Elina Pyykkö was a CEPS/ECRI Research Fellow.