BIIA participated in a taskforce co-chaired by the World Bank and the Bank for International Settlement to develop general principles for credit reporting for the financial services sector.
These general principles are intended for policymakers, regulators, financial supervisors, credit reporting data providers, credit reporting service providers, the users of such services, and individuals and businesses whose credit histories and identification data are stored in these systems (the latter two are referred to as “data subjects” throughout the report). In addition to the principles, the Task Force has also developed a set of specific roles, one for each of the stakeholders in credit reporting systems, as well as recommendations for effective oversight of credit reporting systems.
These principles were unveiled for the first time in a public forum at the World Bank / IFC Financial Infrastructure Week 2011 in Rio de Janeiro, Brazil on March 15th. Members of our industry are invited comment and provide further input: