Technology is at the core of credit reporting systems, which have evolved significantly over the past decade by adopting new technologies and business models. Disruptive technologies such as advanced computing, artificial intelligence (AI), machine learning (ML), big data analytics, and digital payments are reshaping the credit reporting industry.

Innovations have enabled credit reporting service providers (CRSPs) greater access to and sharing of data with improved analytical capabilities. As a result, the population coverage of credit reports has increased, the scope of processed data expanded, and credit reports are delivered much faster. As disruptive technologies have been increasingly adopted around the globe, concerns have arisen over possible misuse or unethical use of these new technologies. These concerns have inspired international institutions and national authorities to issue high-level principles and guidance documents on responsible technology use.

While adopting new technologies benefits the credit reporting industry, unintended negative outcomes of these technologies from ethics and human rights perspectives must also be considered. Against this background, the ICCR has produced a white paper on The Responsible Use of Technology in Credit Reporting as a framework for responsible use of technology in credit reporting activities.

The white paper includes a discussion of technology use in credit reporting, with a special focus on the key disruptive technologies being increasingly adopted by the industry. This is followed by information on the scope, development, and high-level principles of several key technology frameworks, including the principles underlying their responsible use. The paper then introduces ten principles to guide responsible use of technology in credit reporting activities. Finally, the paper discusses considerations for applying the principles. It discusses how to assess a technology for possible use, highlights the need for capacity building, and provides additional technology-specific recommendations to guide adopters.

Neil Munroe, Deputy Managing Director and Deputy Chair of the ICCR was actively involved in the development of the paper providing guidance to the Working Group on the scope and final output.


A copy of the paper can be accessed here