The Credit Bureau generated half of million reports for the 18 banks within the system | SIVECO Romania

The Credit Bureau generated half of million reports for the 18 banks within the system

Wednesday, January 26, 2005

Bucharest, 26th of January 2005 –  At the end of 2003 the Credit Bureau was established at the initiative of the Romanian banking system. It was meant that the participating banks benefit from information, data and analyses for credit risk rating, increase quality in credit granting, diminish fraud risk and protect the creditors.

The Credit Bureau development project is planned to be implemented in 3 stages. In the first phase, started on the 16th of August in just 3 months there were processed information transmitted by the banks regarding the debtors –individuals who delayed their payments more than 30 days, frauders and inconsistent declarations.

Up to now, 18 banks met the legislative and technical criteria to enter the system (aprox. 90% market share on the retail segment), which transmit daily information to the Credit Bureau (aprox 226.000 individuals were filed) and receive information online in just seconds from the Credit Bureau (500.000 credit reports requests.

“The perfectly met implementation deadline and the fact that no technical flow has been registered so far is also due to SIVECO Romania, the supplier of the IT solution for the Credit Bureau”, says Ferbam Epure, President of the Credit Bureau.

In the second development stage, which is now in full progress and whose deadline is 4th of April 2005, two major objectives will be reached:

- positive information regarding credits granted by the banks to the individuals will also be managed;

-information sources will expand to financial, leasing, insurance, fixed and mobile telephony companies.

Reporting data to the Credit Bureau is done according to an international standard, Metro 2, compatible with European standards in the field, also used by major credit bureaus in the US.

The third stage will be dedicated to scoring development, a product which will offer a synthetic and expressive image of the debtor’s behavior, easing the creditors’ decision of starting or no a financial relationship with that person.