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Welcome to Accis

We are the voice of organisations responsibly managing data to assess the financial credibility of consumers and businesses.

Our Mission

ACCIS is the voice of organisations responsibly managing data to assess the financial credibility of consumers and businesses. Established as an association in 1990, ACCIS brings together more than 40 members from countries all over Europe as well as associates and affiliates across the globe.

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Managing Data

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Enabling Transactions

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Digital transformation

What is a Credit Reference Agency?

As an industry, we enable individuals and business to take informed decisions and conduct secure, trustworthy and efficient financial operations.

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What is a credit reference agency?
A credit reference agency, also known as a credit bureau, is an organisation that collects and maintains information about your credit history and financial behaviour. Credit reference agencies gather information from a variety of sources, including lenders, credit card companies, and other financial institutions, and compile this information into credit reports.
What is the main function of a credit reference agency?
The main function of a credit reference agency is to provide credit reports to lenders and other credit providers, which they can use to assess your creditworthiness and ability to repay debt. By providing accurate and reliable information, credit reference agencies help establish trust between lenders and consumers.
When were credit reference agencies created?
Credit reference agencies have been in existence for a considerable period of time. The first Credit Reference Agencies were founded in 1830 in New York and in Europe at the end of the 19th century.
What kind of data is held by credit reference agencies?
Credit reference agencies hold information, such as your identification data (name, date of birth, address,
and a unique identification number if this is legally allowed) and data concerning your credit history e.g., if you own a bank account or a credit card or have payment defaults. They can also hold other public records e.g., information on bankruptcies, foreclosures, etc. Credit reference agencies do not hold information on what you earn, your nationality,your employment, or other sensitive personal data (e.g., religion, political preferences, gender).
What is a credit report?
A credit report is a document that provides information about your credit history and financial behaviour. It is compiled by credit reference agencies, which gather information from a variety of sources, including lenders, credit card companies, and other financial institutions. Creditors use credit reports to make creditrelated decisions.
What is a positive credit history?
A positive credit history is one that shows your ability to manage credit properly through a track record of responsible borrowing and repayment behaviour. It is an essential factor in determining your creditworthiness and can influence your ability to obtain credit or loans, as well as the interest rates given. Examples of positive data are fully paid credit cards, timely payments, length of credit history, paid mail order invoices and non-arrear bank accounts
What is a negative credit history?
A negative credit history is a record of your past borrowing and repayment behaviour that suggests your inability or unwillingness to manage your credit responsibly. Examples of negative credit history are late payments, defaults, high credit utilisation, bankruptcies and /or insolvencies.
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What is a credit score?
A credit score is a numerical representation of your creditworthiness, based on your credit history and other financial behavior. Credit scores are typically calculated by credit reference agencies, using a range of factors such as payment history, credit utilization, length of credit history, and types of credit. Credit scores are just one factor that lenders consider when making credit decisions. They may also take into account other factors such as your income, employment status, and debt-to-income ratio.
Are credit reference agencies regulated?
Yes. National regulations define the legal environment in which credit reference agencies operate. The law also defines the scope of data credit reference agencies can hold and for how long they can store your data. Credit reference agencies are also subject to the provisions of banking laws and other local regulations.
Who uses the services of credit reference agencies?
The most common users of credit reference agencies’ services are banks and non-banking financial
companies, but also telecommunication, insurance, mail order, and /or utility companies. The types of clients that use the services of credit reference agencies vary from country to country and depend on the legal environment of the country.
How do credit reference agencies help lenders?
CRAs help lenders to accurately assess your credit eligibility because the information that is managed by the CRAs proves your credibility and creditworthiness
How do credit reference agencies help you?
Credit reference agencies play an important role in helping you access credit. When you apply for credit, lenders can quickly and easily check your credit report to see if you have a history of paying bills on time and managing credit responsibly. They can also help verify your identity by checking your personal information against public records and other sources. This can help prevent identity theft and other types of fraud. Credit reference agencies can also help prevent fraud by flagging suspicious activity on your credit report, such as new accounts that were opened without your knowledge. Finally, credit reference agencies can provide you with financial education, that will help you manage your finances more effectively.
What right rights do you have when you deal with credit reference agencies?
You have several rights when dealing with credit reference agencies. These rights include the right to access your credit report – so that you know what personal information the credit reference agency holds about you – and the right to dispute inaccurate information and add a notice of correction – so that you can ensure that any inaccurate or outdated information is deleted from your credit report.
Does having a credit report or a good credit score automatically mean you will be granted credit?
No. Credit reports and credit scores are an input in the lender’s decision-making process. It is up to the lender – after a thorough internal risk analysis – to make the ultimate decision whether to grant you the credit or not.

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News

ACCIS calls for the reaffirmation of the GDPR’s risk-based approach

Today, ACCIS and 23 associations from multiple sectors issued a joint statement on the application of the General Data Protection Regulation (GDPR). The joint statement stresses the need for a paradigm shift in the current interpretation of the GDPR to revitalise the...
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Launch of the ACCIS Manifesto: Enhancing Europe’s Credit Landscape

ACCIS launches today its manifesto, "Enhancing Europe's Credit Landscape" ahead of the upcoming EU elections. As the European Parliament elections approach, it is crucial to consider how legislation can create a balanced and well-managed credit landscape benefiting...
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ACCIS introduces the ACCIS Credit Market Indicators Newsletter

ACCIS launches today the ACCIS Credit Market Indicators Newsletter, a pioneering publication marking a significant stride in fostering transparency and comprehension within Europe's credit markets. At the heart of this quarterly newsletter lies a wealth of data...
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ACCIS presents Best Practices report on BNPL services and data

At an event with BNPL stakeholders, ACCIS announced today the release of a report addressing the critical intersection of Buy Now, Pay Later (BNPL) services and European credit referencing practices. Titled "Protecting and empowering consumers of BNPL products: Best...
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ACCIS introduces the second edition of groundbreaking credit literacy initiatives

The landscape of financial and credit literacy is rapidly evolving, and in response to this, ACCIS initiated groundbreaking efforts back in 2022 to address this crucial aspect within our industry. Coinciding with the launch of the 2024 Global and European Money Weeks,...
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ACCIS welcomes IMCO vote on CCD2

Today, the IMCO Committee has given its stamp of approval, paving the way for CCD2 to revolutionise responsible lending through enhanced creditworthiness assessment practices. The CCD2 extends the scope of the directive to include previously excluded risky loans. This...
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Registration open for the 2023 ACCIS Annual Conference

Registration is now open for the 2023 ACCIS Annual Conference taking place on 8-9 June 2023 at Palazzo di Varignana Resort & SPA in Varignana (Bologna), Italy. This year’s conference will focus on “Powering data-driven financial decisions”. Our delegates will...
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ACCIS launches report on best practices to support credit and financial literacy

ACCIS is pleased to announce the launch of our Credit and Financial Literacy Report, a collection of best practices from ACCIS members that are aimed at improving credit and financial literacy in Europe. As Enrique Velázquez, Director General of ACCIS, notes in the...
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ACCIS updates its visual identity

On 9 September 2021, ACCIS introduced its new visual identity to the public.  In addition, to a recent update to its name (formerly Association of Consumer Credit Information Suppliers) it had also undergone a visual refresh. From the logo to the website to social...
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New Management Board Election for 2021 – The ACCIS Board welcomes four new Board Members

ACCIS 2021 New Board Members (from left to right):   Ole Schröder, Paul Randall, Koray Kaya and Jukka Ruuska Brussels, Belgium, July 08, 2021 ACCIS wants to congratulate the four new members of our Board of Directors. They have been elected by the members on 15 June...
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Position Papers

ACCIS response to consultation on European Commission’s guidelines for an AI system definition

In our response, ACCIS argues that logistic regression (LR) is a simple statistical method distinct from artificial intelligence (AI) and should not be regulated as such under the AI Act. Unlike AI, LR lacks advanced capabilities like learning, reasoning, or complex...
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ACCIS response to the EDPB’s Guidelines 1/2024 on processing of personal data based on Article 6(1)(f) GDPR – Legitimate interest

In our response to the EDPB Guidelines on legitimate interest, we highlight areas of agreement as well as sections where further clarification or amendment may be beneficial to ensure a balanced application of legitimate interest provisions in the context of consumer...
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ACCIS response to targeted consultation on AI in financial services

In our response, ACCIS notes that credit reference agencies are exploring the use of AI to help lenders evaluate the creditworthiness of individuals and businesses, as well as to establish credit scores. We highlight that AI's ability to analyse vast and complex...
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ACCIS response to the European Commission’s call for evidence on the GDPR

In this response, we express concerns about perceived imbalances in GDPR enforcement. We also note that the absence of clear guidance exacerbates the situation, especially in cases where the GDPR falls short in providing necessary clarity. Members of ACCIS assert that...
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Joint Industry Statement on AI Definition

In this industry statement on the AI definition, a collaborative effort signed by ACCIS and various prominent industry financial services, we emphasize that traditional, statistical techniques used in credit scoring - e.g. logistic regression - warrant regulatory...
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ACCIS feedback on the European Commission’s proposal on Financial Data Access (FIDA)

In our feedback paper on the European Commission’s proposal on Financial Data Access (FIDA), we state that the proposed framework represents a positive step toward responsible and innovative financial services within the European Union. However, there are crucial...
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ACCIS statement on several CJEU cases

In this statement, we outline our views on several CJEU cases that can shape the regulatory framework for the provision of credit referencing services in the internal EU market. In our opinion, cross-border access to credit databases will only be meaningful if the...
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ACCIS response to public targeted consultation on Open Finance

In our response to the European Commission’s targeted consultation on Open Finance, we state that Open finance should complement what exists and works well in the market today: it should add value to existing markets and systems for the sharing and reuse of financial...
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ACCIS response to EDPB’s Guidelines on calculation of fines

In our response to the EDPB’s Guidelines on calculation of fines, we note that the EDPB appears to emphasise setting GDPR fines at a level that effectively deters future non-compliance whilst we would prefer similar attention to ensuring the proportionality of GDPR...
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ACCIS feedback on the European Commission’s proposal on the EU Data Act

In our feedback document on the proposed EU Data Act, ACCIS broadly welcomes the EU Data Act as it creates a fairer, more innovative, and more competitive data economy in Europe. We are however unclear as to the stated harmonising objective of the Regulation. The GDPR...
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