BEST PRACTICES OF CONSUMER CREDIT REPORTING - CREDIT REFERENCE AGENCIES: THE CASE OF NEW EU MEMBER STATES AND OTHER SOUTH-EAST EUROPEAN COUNTRIES Paper Presented at the IACL - 10th International Conference, Lima, Peru, May 2005. Tatjana Jovanic Lecturer University of Belgrade, School of Law ABSTRACT Credit Reference agencies are databases of information on borrowers in a financial system which creditors use as a risk management tool in order to evaluate past performance and predict the financial capacity of the borrower to assume a future credit commitment. They are often seen as a tool to prevent overindebteness. The aim of this paper is to analyze credit bureaus in new EU Member States and South-East European Countries, their influence on consumer privacy and their legal framework. In order to better understand credit reporting practices and problems, the author will in the first part discuss the role of credit bureaus and selected economic and organizational assumptions of credit reporting system. Apart from analysis of credit bureaus in respected countries, I will generally focus on the best practices of the consumer credit reporting. In a modern world central question of credit reporting is how much information is necessary and sufficient in order to evaluate the financial capacity of consumer, who may furnish and access files and when data should be reported to and deleted from the databases. Stricter enforcement of consumer rights is a prerequisite for an effective and fair credit reporting system. ID: 36985 Author(s): iff Publication date: 10/03/06     JovanicConsumerCreditReporting (120832 Bytes)

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