The Credit Registry, the electronic database on borrowers from the Albanian banking and financial system, started to operate at the Bank of Albania since 3 January 2008. The Credit Registry functions conform to the principle of data processing and protection, in accordance with the applicable legislation in force on the protection of personal data, professional and banking secrecy.
Currently, 16 banks and 12 non-bank financial institutions that operate in the area of lending and financial lease, 1 savings and loan association that is independent of the unions, and 2 unions of savings and loan associations report to the Registry. At the beginning, only banks and branches of foreign banks reported to the Registry. Since 19 November 2010, the database has been enriched with information reported by non-bank financial institutions and savings and loan associations.
Data reporters upload daily information on new loans and update the status of loan repayments, at the end of every month. The Registry contains positive and negative information on borrowers and such data shall be retained for five years. The history of the loan repayment of the borrower will help data reporters, with supporting information, when deciding on granting a new loan, thus reducing the risk of extending loans that may not perform. Lending entities, which report to the Credit Registry on the new loans they have granted, shall be responsible for the accuracy and completeness of the data.
The borrower’s report generated by the Registry shall contain information on the loan amount, repayments, amount on arrears, collateral, credit lines when the borrower is a related person, and loan status history over the last two years. The borrower’s report may by generated by every banking or financial institution that is a members of the Credit Registry, as well as by the Bank of Albania.
Sample of a Report for the borrower