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 borrowers, lenders, and the broader economy.
Our manifesto outlines three key recommendations for the next European Commission’s mandate:
1.Enhance data access for informed credit decisions: We advocate for legislation that enables a European single market for data, ensuring Credit Referencing Agencies have access to a diverse set of consumer data. This fosters responsible lending and reduces the risks of inappropriate lending decisions, particularly for vulnerable consumers.
2.Boost tools for accurate credit risk evaluation: We support legislative initiatives that balance consumer privacy with the need for effective credit decision-making tools. Policymakers should ensure appropriate legal bases for personal information collection and processing, and advocate for fair regulatory frameworks on credit decision-making models.
3.Promote complementarity of private and public providers of credit data services: A harmonised financial data ecosystem should support the coexistence of private and public providers of credit data services. European policy should ensure fair competition between private Credit Referencing Agencies and public credit registers, fostering market innovation and benefiting citizens with tailored credit products and services.
We invite all stakeholders to join us in this mission to enhance Europe’s credit landscape, ensuring responsible lending and robust consumer protection.