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Public Benefit

  • The protection of credit and financial transaction.
  • Redirection of risk and cost of credit.
  • Restriction of overindebteduess by estimating solvency and credit worthiness.
  • Minimization of bureucracy and cost of credit provision.
  • Restriction of fraud in transactions, thus protecting citizens and increasing trust in the market.
  • The reinforcement of transaction safety and the strengthening of economic freedom.
  • The protection of citizens who have lost their personal documents.


INTERNATIONAL EXPERIENCE

TIRESIAS is one of 45 credit bureaus operating in Europe. Worldwide surveys establish the contribution of Credit Bureaus in in the financial sector and some of the conclusions are presented below:

Benefit Source
The economic behavior databases improve the provision of credit and contribute the cost reduction for the solvent payers.

- Decision of the court of the European Communitie

-Green Paper EC [page. 8]

Databases such as TIRESIAS support the estimation of solvency and credit worthiness check and rating

E.U. -Directive consumer credit

Almost in all EU countries operate offices that store and process financial behavior data. In some cases the use of these offices in credit provision by lenders is compulsory European Commission [page. 68, 69]
The data for financial behavior contribute to responsible lending European Commission [page. 7] [page 75]
The use of historical data reduces the default rate

-Directive 2006/48/EK

-European Commission Research on competition

TIRESIAS helps to avoid over-indebtedness, reducing defaults and interest rates

From the administrative report of Bank of Greece for 2005 (page. 230)

Better information leads to more credit provisions

-World Bank Survey [page. 9, 12]

Offices that store and process financial behavior data support the increase of credit and the reduction of defaults

Study J.M. Barron (Purdue University)- Μ.Ε. Staten (Georgetown University) [page 20,21]

Offices that store and process financial behavior data help reduce the financial constraints in small and medium size businesses

Presentation-World Bank [page 6]

     
     
 
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