The Plenary of the House of Representatives voted in favour of a package of seven bills that regulate the operation of data exchange mechanisms and introduce a comprehensive framework for assessing consumer creditworthiness.
The bill was voted in with 27 MPs in favour and 13 against.
The reform aims to create a credit scoring system, which will be based on the overall picture of citizens' borrowing across all credit institutions and credit acquisition companies, with the aim of reducing credit risk and enhancing financial stability.
The new framework places a central role in the ARTEMIS data exchange mechanism, for which clear rules of operation, access, and supervision are established. At the same time, the responsibilities of the Central Bank are strengthened, which acquires powers of control, imposition of sanctions and issuance of directives.
The legislation provides strict provisions for the protection of personal data and banking secrecy, while it is clarified that for the calculation of creditworthiness, only loans in which the person is the principal debtor or co-debtor, and not a guarantor, are taken into account.
The package of laws is part of the Recovery and Resilience Plan and is a prerequisite for the disbursement of the next tranche of funding from the European Union.
(Source: InBusinessNews)
