In this document, Credit Reference Agencies share their views on creditworthiness assessments. Those views are articulated around five principles:

  • Principle 1. Creditworthiness assessments should meet two interconnected, primary policy objectives: reduction of financial distress and promotion of sound credit risk management practices in compliance with responsible lending requirements.
  • Principle 2. Creditworthiness assessments should be based on all data that is relevant, accurate and necessary for each specific credit application and deriving from all relevant data sources.
  • Principle 3. To effectively support creditworthiness assessments, credit reporting systems should contain optimal depth and breadth of data, including positive data.
  • Principle 4. Credit reporting systems should contain adequate information.
  • Principle 5. All lenders across the EU should have access to CRAs in other EU countries on a non-discriminatory basis.