Budapest, Hungary and Bologna, Italy, 05/10/2009 October 5, 2009 CRIF Zrt., Budapest, has obtained a license from PSZAF, the Hungarian Financial Supervisory Authority, to establish the first entirely private and voluntary credit bureau in Hungary. The credit bureau will include both positive and negative credit information on individuals and small and medium sized enterprises (SMEs), and will be beneficial to consumers as well as financial institutions during the credit underwriting process.   The project will consist of the development of the technological infrastructure, and the complete design of credit bureau processes, which will gather credit information from the country’s credit institutions in line with Hungarian law.

“We are very glad that CRIF will develop and implement the first Hungarian credit bureau based on positive and negative information”, explained Enrico Lodi, General Manager of Credit Bureau Services at CRIF. “On the one hand, the availability of a credit history will give easier access to credit for Hungarian citizens and SMEs, allowing them to obtain more favorable conditions. On the other hand, Hungarian banks and financial institutions will be more confident in their management of the financial exposure of consumers and can avoid excessive risk assumption.” 

CRIF developed and manages the first positive and negative credit bureau in Italy, as well as the positive and negative banking and non-banking credit bureaus in both the Czech Republic and Slovak Republic. Moreover, it has been involved in the development of credit bureaus in Russia and Morocco, and in the modernization of the technological infrastructure of the credit bureau in Bangladesh.   Source: CRIF Press Release

BIIA Newsletter November – December 2009 Issue