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World Bank Issues General Principles on Credit Reporting for the Financial Services Sector

The World Bank, in collaboration with the Bank for International Settlements (BIS), various central banks and members of the information industry represented by ACCIS (Europe), BIIA (Asia Pacific) and CDIA (USA), has been working on developing universal standards for credit reporting.

The standards have been 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

Discussions centered on the origins of the Standard Setting exercise, the composition of the Task Force, the process that was followed in developing the standards and guidelines and how the World Bank and IFC will work on disseminating the standards and supporting implementation of the standards.

 The World Bank and the IFC (World Bank Group) are leaders in financial infrastructure development in emerging markets, including payment systems and remittances, credit reporting and secured lending/collateral registries.

The document has been released for general consultation on the World Bank website.  Interested parties are invited to comment.

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