Two new key digital systems—the Private Debt Monitoring Registry and the Credit Rating System—were presented today by the General Secretariat for the Financial Sector and Private Debt Management.
As noted in the relevant announcement, these are two modern digital infrastructures that are part of a broader plan to strengthen evidence-based public policy, transparency, and the more effective use of data aimed at enhancing transparency, organized data monitoring, and the modernization of private debt management.
The Private Debt Monitoring Registry is a modern information tool that collects anonymous and aggregated data from creditors, helping to provide a clearer picture of the trends and characteristics of private debt in the country.
More specifically, it includes aggregate data on private debt and detailed information on the debts of individuals and legal entities owed to:
- the government, social security funds, first- and second-tier local government entities, and other public-sector entities,
- financial institutions, and
- public utilities, telecommunications companies, and all types of legal persons and entities governed by private law, as defined in subparagraphs (c) and (d) of Article 3 of the Code of Tax Procedure (Law 4174/2013, A’170).
At the same time, the Credit Rating System is a comprehensive information system for collecting and processing data from public-sector entities, with the aim of establishing a unified and reliable picture of the creditworthiness of natural and legal persons. It will also be able to exchange credit ratings with credit rating agencies to produce a consolidated rating.
The system’s operation primarily involves the following stages:
- a) Collection and cross-referencing of data from available public sources.
- b) Processing data and generating a credit rating,
- c) Providing the citizen or business concerned with full information regarding the outcome of the assessment
- d) Providing access to the history of applications, the ability to review the assessment result, and, where necessary, the option to submit a request to correct one’s credit score.
The event was well attended by representatives from professional associations, consumer groups, banking institutions, as well as market and public administration bodies.
The projects are being implemented as part of the National Recovery and Resilience Plan Greece 2.0, with funding from the European Union—NextGenerationEU.