Economy · Greece

Legislative package for data exchange and credit rating services passed successfully

3 sourcesFirst reported 7 days agoUpdated 7 days ago

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A legislative package for data exchange and credit assessment services has been approved in Cyprus.
The new law aims to modernize the existing framework for exchanging credit data.
It enables the implementation of a digital credit scoring system for evaluating borrowers' credit behavior.
The initiative is part of a broader reform strategy termed Reform 4 by the Ministry of Finance.
The legislation is intended to enhance the efficiency of credit assessment processes in the country.

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On July 14, 2026, the Cypriot Parliament approved a legislative package aimed at enhancing credit scoring mechanisms through a digital system for data exchange and credit evaluation services. This reform, part of a broader initiative identified as Reform 4, is designed to modernize the existing framework for sharing credit-related information among financial institutions.

According to the Ministry of Finance, the successful passage of the legislation marks a significant milestone in the development of a structured credit scoring system, which will assess the credit behavior of citizens. The new framework is expected to enable improved services for evaluating borrowers, thereby increasing transparency and efficiency within the financial sector. The changes address the need for updated practices to better reflect current economic conditions and consumer behavior.

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Legislative package for data exchange and credit rating services passed successfully

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