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credit_card Getting Credit

This topic explores two sets of issues—the strength of credit reporting systems and the effectiveness of collateral and bankruptcy laws in facilitating lending. The most recent round of data collection for the project was completed in June 2016. See the methodology for more information.

Doing Business Reforms

Strengthening legal rights of borrowers and lenders

Nine economies reformed secured transactions legislation or strengthened creditors’ rights in bankruptcy procedures in 2015/16. Most of these reforms were aimed at developing a geographically unified online collateral registry. This kind of reform makes it easier for creditors to provide loans to small and medium size enterprises that do not necessarily have real estate and can provide only movable assets as collateral. As a result of recent reforms, pledges over movable assets in Armenia, The Gambia, Indonesia, Macedonia, Malawi and Papua New Guinea, can now be registered online by the contracting parties or their representatives. Elsewhere in Vanuatu, a new law strengthened rights of secured creditors inside insolvency proceedings by adopting new insolvency laws.

Globally Papua New Guinea improved the most in the Getting Credit - Legal Rights index with the implementation of a new Personal Property Security Act.  The Act regulates every transaction that in substance creates a security interest, without regards to its form or without regards to the person who has title to the collateral. By developing a legal framework to support implementation of a modern system of financing secured by movable assets, Papua New Guinea, along with The Gambia and Malawi, joined Costa Rica, Honduras, Jamaica and Colombia as pioneers of the modern secured transactions regulators on the southern hemisphere.  Thanks to the new law in Papua New Guinea, all types of movable assets, present or future, may be used as collateral to secure a loan.  Furthermore, the law also regulates functional equivalents to more traditional securities such as assignment of receivables or sales with retention of title. Finally, the new law allows out-of-court enforcement of the collateral, both through public auction and private sale. As a result, a secured creditor can recover unpaid loan in case of debtor’s default through other ways than going to the court, for instance through any type of sale of the collateral, instead of being restricted to lengthy public auction rules.

A web-based central collateral registry was officially launched in May 2016 in Papua New Guinea.  As a result, registration of movable collateral can be done on-line, as well as any modifications, updates and cancellations.  The collateral registry is also available for on-line searches by general public, thus promoting transparency in secured lending, alerting third parties of the existence of other rights.  This improves effectiveness in establishing priorities between secured parties and against third parties.

Advancing credit information systems

Twenty-seven economies implemented reforms improving their credit information systems in 2015/16 (figure 1). Tanzania and Guyana made the largest improvements by expanding borrower coverage. Tanzania’s credit bureau, Creditinfo, expanded its borrower coverage from 4.97% to 6.48% of the adult population, aided in part by signing agreements with retailers and merchants to share credit data on their customers. Similarly, Creditinfo Guyana, which became operational in May 2015 expanded its borrower coverage from 2.40% to 16.40% of the adult population through obtaining data from one microfinance institution, one trade creditor and one water utility company as well as from six private commercial banks.

Figure 1 - Main reform features in the area of getting creditcredit information

Note: The scale represents the number of economies with the particular reform feature.

Over the past Doing Business cycle, six economies established legal frameworks to improve functioning of credit reporting markets, four of them in Sub-Saharan Africa. Mozambique, for instance, enacted a new law that allows the establishment of a credit bureau. The national assemblies of Burkina Faso and Togo passed the Uniform Law, (1) providing the legal framework for the establishment, licensing, organization of activities and supervision of credit bureaus. This same law was previously adopted in Côte d’Ivoire, Mali, Niger and Senegal where new credit bureaus became operational in February 2016.

Several other economies improved features of existing credit reporting systems. In six economies, credit bureaus and registries began offering credit scores to banks and other financial institutions to help them assess the creditworthiness of borrowers. In Thailand, for example, the National Credit Bureau started offering consumer and commercial credit scoring. Credit scores pool information across many creditors as well as some public information sources. Such scores offer lenders information that is otherwise unavailable to any individual creditor, including total exposure, number of outstanding loans and previous defaults. This, in turn, aids the decision making of lenders when assessing loan applications.

Brunei Darussalam, China, Tanzania and Tunisia expanded the scope of information collected and reported by credit reporting service providers by distributing data from retailers or utility companies. Economies also enacted reforms guaranteeing borrowers’ rights to access and inspect their data. In Bahrain, for example, clients of a credit bureau have the right to obtain a free credit report once every 12 months, to add information to their credit report and to file a complaint or objection related to the accuracy or limitation of the information contained in a credit report. In Pakistan there is a legal obligation for a credit bureau to provide a borrower with a copy of a credit report.

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1. On the Regulation of Credit Information Bureaus (BICs) in the Member States of the West African Economic and Monetary Union (UEMOA)


Getting Credit reforms by economy DB2008-DB2017


Positive= Doing Business reform making it easier to do business.Negative= Change making it more difficult to do business.

Afghanistan

DB 2016: Afghanistan improved access to credit information by launching a credit registry.

DB 2014: Afghanistan strengthened its secured transactions system by implementing a unified collateral registry.

DB 2010: Afghanistan strengthened its secured transactions system through a new law broadening the range of assets that can be used as collateral (including future assets), allowing a general description of debts and obligations in a security agreement and permitting out-of-court enforcement of security interests.

Albania

DB 2015: Albania weakened its secured transactions system through an amendment to the Securing Charges Law that does not allow intangible assets to be secured with a nonpossessory pledge.

DB 2009: Albania improved access to credit information by establishing its first credit bureau.

Algeria

DB 2013: Algeria improved access to credit information by eliminating the minimum threshold for loans to be included in the database.

DB 2012: Algeria improved its credit information system by guaranteeing by law the right of borrowers to inspect their personal data.

Angola

DB 2012: Angola strengthened its credit information system by adopting new rules for credit bureaus and guaranteeing the right of borrowers to inspect their data.

Armenia

DB 2017: Armenia strengthened access to credit by adopting a new law on secured transactions that establishes a modern and centralized collateral registry. Armenia improved its credit information system by adopting a new law on personal data protection.

DB 2012: Armenia improved its credit information system by introducing a requirement to collect and distribute information from utility companies.

DB 2010: Armenia improved its credit information system through a new law establishing a legal and regulatory framework for the activities of credit bureaus, including collecting credit information and preparing credit reports.

DB 2008: In Armenia a private credit bureau started operating that distributes credit information on firms and individuals, has no minimum threshold for loans included in its database and guarantees all borrowers access to their credit reports.

Australia

DB 2014: Australia improved its credit information system through the Privacy Amendment (Enhancing Privacy Protection) Act 2012, which permits credit bureaus to collect account payment history with improved privacy protection.

DB 2013: Australia strengthened its secured transactions system by adopting a new national legal regime governing the enforceability of security interests in personal property and implementing a unified collateral registry.

Azerbaijan

DB 2011: Azerbaijan improved access to credit by establishing an online platform allowing financial institutions to provide information to, and retrieve it from, the public credit registry.

DB 2010: Azerbaijan’s public credit registry improved the credit information system by providing banks with online access to its database, increasing the data available on borrowers and introducing penalties for banks that send information that is late or incorrect.

DB 2009: Azerbaijan improved access to credit information by eliminating the minimum threshold for loans reported to the public credit registry.

Bahrain

DB 2017: Bahrain improved access to credit information by guaranteeing by law borrowers’ right to inspect their own data.

DB 2015: Bahrain improved access to credit information by approving the credit bureau’s collection of data on firms.

DB 2014: Bahrain improved access to credit information by starting to collect payment information from retailers.

Bangladesh

DB 2013: Bangladesh improved access to credit information by establishing an online platform for sharing such information.

Belarus

DB 2017: In Belarus the credit bureau started to provide credit scores, strengthening the credit reporting system.

DB 2011: Belarus enhanced access to credit by facilitating the use of the pledge as a security arrangement and providing for out-of-court enforcement of the pledge on default.

DB 2009: Belarus improved access to credit information by eliminating the minimum threshold for credits reported to the public credit registry’s database and guaranteeing borrowers’ right to inspect their own data in the credit registry.

Benin

DB 2012: Access to credit in Benin was improved through amendments to the OHADA (Organization for the Harmonization of Business Law in Africa) Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Bhutan

DB 2014: Bhutan improved access to credit information through new regulations governing the licensing and functioning of the credit bureau and guaranteeing borrowers’ right to access their data.

DB 2012: Bhutan improved its credit information system by launching the operation of a public credit registry.

Bosnia and Herzegovina

DB 2013: Bosnia and Herzegovina made access to credit information more difficult by stopping the private credit bureau’s collection of credit information on individuals.

Brazil

DB 2012: Brazil improved its credit information system by allowing private credit bureaus to collect and share positive information.

Brunei Darussalam

DB 2017: Brunei Darussalam strengthened access to credit by adopting a new insolvency law that contemplates protections for secured creditors during an automatic stay in reorganization proceedings. Brunei also improved access to credit information by beginning to distribute data from two utility companies.

DB 2014: Brunei Darussalam improved access to credit information by establishing a public credit registry.

Bulgaria

DB 2012: Bulgaria made access to credit information more difficult by stopping the distribution of credit reports to financial institutions by the private credit bureau (Experian).

Burkina Faso

DB 2017: Burkina Faso improved access to credit information by introducing regulations that govern the licensing and functioning of credit bureaus in West African Economic and Monetary Union (UEMOA) member states.

DB 2012: Access to credit in Burkina Faso was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Cabo Verde

DB 2015: Cabo Verde improved its credit information system by adopting a new law providing for the establishment of credit bureaus.

DB 2012: Cape Verde improved its credit information system by introducing a new online platform and by starting to provide 5 years of historical data.

DB 2010: Cape Verde improved access to credit information by allowing online access to the central bank’s credit information database for financial institutions providing and retrieving information. At the same time, Cape Verde raised the minimum threshold for personal loans included in the database from 1,000 to 5,000 escudos.

Cambodia

DB 2017: In Cambodia the credit bureau started to provide credit scores to banks and financial institutions, improving access to credit information.

DB 2013: Cambodia improved access to credit information by establishing its first private credit bureau.

DB 2012: Cambodia strengthened its credit information system through a new regulation allowing credit bureaus to collect and distribute positive as well as negative credit information.

DB 2009: Cambodia adopted its first secured transactions law—enabling the use of movable property as collateral and ensuring that secured creditors’ claims have priority in case of debtor default—and launched an online unified collateral registry.

Cameroon

DB 2015: Cameroon improved its credit information system by passing regulations that provide for the establishment and operation of a credit registry database.

DB 2012: Access to credit in Cameroon was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

DB 2009: In Cameroon and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.

Central African Republic

DB 2012: Access to credit in the Central African Republic was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

DB 2009: In the Central African Republic and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.

Chad

DB 2012: Access to credit in Chad was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

DB 2009: In Chad and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.

Chile

DB 2012: Chile strengthened its secured transactions system by implementing a unified collateral registry and a new legal framework for nonpossessory security interests.

China

DB 2017: China improved access to credit information by starting to report payment histories from utility companies and providing credit scores to banks and financial institutions. This reform applies to both Shanghai and Beijing.

DB 2014: China improved its credit information system by introducing credit information industry regulations, which guarantee borrowers’ right to inspect their data.

DB 2009: China strengthened its secured transactions system through a new property law expanding the range of assets that can be used as collateral, now including accounts receivable and a changing pool of assets.

DB 2008: China strengthened its secured transactions system through a new law entitling secured creditors to priority in payment.

Colombia

DB 2015: Colombia improved access to credit by adopting a new secured transactions law that establishes a functional secured transactions system and a centralized, notice-based collateral registry. The law broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral, establishes clear priority rules inside bankruptcy for secured creditors, sets out grounds for relief from a stay of enforcement actions by secured creditors during reorganization procedures and allows out-of-court enforcement of collateral.

DB 2010: Colombia improved access to credit information by guaranteeing borrowers’ right to inspect their own data and by making it mandatory for credit providers to consult and share information with credit bureaus.

Comoros

DB 2016: The Comoros improved access to credit information by establishing a new credit registry.

DB 2012: Access to credit in Comoros was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Congo, Dem Rep

DB 2015: The Democratic Republic of Congo improved access to credit information by establishing a credit registry.

DB 2014: The Democratic Republic of Congo strengthened its secured transactions system by adopting the OHADA (Organization for the Harmonization of Business Law in Africa) Uniform Act on Secured Transactions. The new law broadens the range of assets that can be used as collateral (including future assets) and the range of obligations that can be secured, extends security interests to the proceeds of the original asset and introduces the possibility of out-of-court enforcement.

Congo, Rep

DB 2012: Access to credit in the Republic of Congo was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

DB 2009: In the Republic of Congo and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.

Costa Rica

DB 2016: Costa Rica improved access to credit by adopting a new secured transactions law that establishes a functional secured transactions system and a modern, centralized, notice-based collateral registry. The law broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and allows out-of-court enforcement of collateral.

DB 2013: Costa Rica improved access to credit information by guaranteeing borrowers’ right to inspect their personal data.

Cote d’Ivoire

DB 2017: Côte d’Ivoire improved access to credit information by establishing a new credit bureau.

DB 2015: Côte d’Ivoire improved its credit information system by introducing regulations that govern the licensing and operation of credit bureaus.

DB 2012: Access to credit in Côte d’Ivoire was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Croatia

DB 2012: In Croatia the private credit bureau started to collect and distribute information on firms, improving the credit information system.

DB 2008: Croatia strengthened its secured transactions system by launching a unified and geographically centralized collateral registry and improved access to credit information by setting up a new private credit bureau, HROK.

Cyprus

DB 2017: Cyprus made access to credit information more difficult by stopping the distribution of historical credit data.

DB 2016: Cyprus improved access to credit information by allowing credit bureaus to collect and report positive credit information and to report credit histories for both borrowers and guarantors.

DB 2015: Cyprus improved its credit information system by adopting a central bank directive eliminating the minimum threshold for loans to be included in credit bureaus’ databases.

DB 2011: Cyprus improved access to credit information by establishing its first private credit bureau.

Czech Republic

DB 2015: The Czech Republic improved access to credit by adopting a new legal regime on secured transactions that allows the registration of receivables at the collateral registry and permits out-of-court enforcement of collateral.

DB 2009: The Czech Republic weakened its secured transactions framework by decreasing secured creditors’ rights during reorganization procedures.

Djibouti

DB 2014: Djibouti strengthened its secured transactions system by adopting a new commercial code, which broadens the range of movable assets that can be used as collateral.

Dominican Republic

DB 2015: The Dominican Republic improved its credit information system by enacting a new law regulating the protection of personal data and the operation of credit reporting institutions.

Ecuador

DB 2010: Ecuador’s credit bureau started to distribute historical data, improving access to credit information.

Egypt, Arab Rep

DB 2010: In Egypt the private credit bureau I-score added retailers to its database, improving access to credit information.

DB 2009: Egypt improved access to credit information by guaranteeing borrowers’ right to inspect their own data in the private credit bureau.

DB 2008: Egypt improved access to credit information by creating a new private credit bureau, which will distribute negative data on both individuals and firms and, as guaranteed by law, allow borrowers access to their credit information.

El Salvador

DB 2017: El Salvador made access to credit information more difficult by reducing the coverage of the credit bureau.

DB 2016: El Salvador improved access to credit by adopting the Law on Movable Property, which established a modern, centralized, notice-based collateral registry and allows a general description of a single category of assets granted as collateral.

DB 2013: El Salvador improved access to credit information through a new law regulating the management of personal credit information.

Equatorial Guinea

DB 2012: Access to credit in Equatorial Guinea was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

DB 2009: In Equatorial Guinea and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.

Estonia

DB 2011: Estonia improved access to credit by amending the Code of Enforcement Procedure and allowing out-of-court enforcement of collateral by secured creditors.

Ethiopia

DB 2013: Ethiopia improved access to credit information by establishing an online platform for sharing such information and by guaranteeing borrowers’ right to inspect their personal data.

Fiji

DB 2017: The credit bureau in Fiji suspended operations making it more difficult to gain access to credit information.

Finland

DB 2009: Finland improved its credit information system by assembling regulations relating to the credit information of individuals and companies into one act governing the production, storage, disclosure and use of credit data.

France

DB 2008: France strengthened its secured transactions system by launching a unified and geographically centralized collateral registry.

Gabon

DB 2012: Access to credit in Gabon was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

DB 2009: In Gabon and other members of the Central African Monetary Union, the regional public credit registry provided online access to information for banks, simplifying the task of filing and retrieving information in the public registry and allowing expanded coverage of borrowers.

Gambia, The

DB 2017: The Gambia strengthened access to credit by adopting the Security Interests in Moveable Property Act. The new law on secured transactions implements a functional secured transactions system and establishes a centralized notice based collateral registry.

Georgia

DB 2014: Georgia improved its credit information system by implementing a new law on personal data protection.

DB 2013: Georgia strengthened its secured transactions system through an amendment to the civil code allowing a security interest to extend to the products, proceeds and replacement of collateral.

DB 2012: Georgia expanded access to credit by amending its civil code to broaden the range of assets that can be used as collateral.

DB 2011: Georgia improved access to credit by implementing a central collateral registry with an electronic database accessible online.

DB 2009: Georgia strengthened its secured transactions system by allowing parties to agree to out-of-court enforcement of the creditor’s security right when signing the agreement, began distributing full information at the private credit bureau, and started guaranteeing borrowers’ right to inspect their own data.

DB 2008: Georgia’s private credit bureau—which already collected credit data from 17 of the country’s 18 banks along with microfinance institutions, cell phone and electricity companies, and the courts—began also collecting data from retailers, utilities and trade creditors.

Germany

DB 2009: Germany weakened its secured transactions framework by decreasing secured creditors’ rights during reorganization procedures.

Ghana

DB 2011: Ghana strengthened access to credit by establishing a centralized collateral registry and by granting an operating license to a private credit bureau that began operations in April of 2010.

DB 2008: Ghana strengthened its legal framework for secured transactions through a new insolvency act that includes no provision for automatic stay of enforcement during reorganization.

Greece

DB 2010: Greece’s private credit bureau, Tiresias, expanded the amount of information it distributes in credit reports, improving access to credit information.

Guatemala

DB 2010: Guatemala strengthened its secured transactions system by creating a new movable asset registry that covers all types of movable assets as well as creditors and debtors and improved access to credit information by guaranteeing borrowers’ right to inspect their own data.

DB 2009: Guatemala strengthened its secured transactions system through a new law creating a new form of pledge over movable assets and a registry for these pledges, allowing a general description of accounts receivable and inventory used as collateral and permitting parties to a security agreement to agree to out-of-court enforcement of the security right when signing the agreement.

Guinea

DB 2012: Access to credit in Guinea was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Guinea-Bissau

DB 2012: Access to credit in Guinea-Bissau was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Guyana

DB 2017: Guyana improved access to credit information by expanding the coverage of the credit bureau.

DB 2016: Guyana improved access to credit information by establishing a new credit bureau.

DB 2011: Guyana enhanced access to credit by establishing a regulatory framework that allows the licensing of private credit bureaus and gives borrowers the right to inspect their data.

Haiti

DB 2010: Haiti strengthened its secured transactions system through a new law broadening the range of assets that can be used as collateral, allowing future and after-acquired property to be used as collateral and automatically extending security interests to the products, proceeds and replacements of the original asset.

Honduras

DB 2012: Honduras strengthened its secured transactions system through a new decree establishing a centralized and computerized collateral registry and providing for out-of-court enforcement of collateral upon default.

DB 2010: Honduras improved its credit information system through a resolution that enhances the operations of the public credit bureau and introduces several categories for classifying debtors on the basis of their credit history.

DB 2008: Honduras improved access to credit information by guaranteeing borrowers’ right to inspect their own data. In addition, the country strengthened its secured transactions system by allowing parties to a security agreement to agree to out-of-court enforcement of the security interest through the use of a notary.

Hong Kong SAR, China

DB 2016: Hong Kong SAR, China, improved access to credit by implementing a modern collateral registry.

Hungary

DB 2015: Hungary improved access to credit by adopting a new legal regime on secured transactions that implements a functional approach to secured transactions, extends security interests to the products and proceeds of the original asset and establishes a modern, notice-based collateral registry.

DB 2013: Hungary improved access to credit information by passing its first credit bureau law mandating the creation of a database with positive credit information on individuals.

DB 2012: Hungary reduced the amount of credit information available from private credit bureaus by shortening the period for retaining data on defaults and late payments (if repaid) from 5 years to 1 year.

India

DB 2008: India strengthened its secured transactions system by launching a unified and geographically centralized collateral registry and started to provide credit information on firms at the private credit bureau.

Indonesia

DB 2017: Indonesia strengthened access to credit by establishing a modern collateral registry.

DB 2016: Indonesia improved access to credit by enabling searches of the collateral registry by the debtor’s name. This reform applies to both Jakarta and Surabaya.

DB 2014: Indonesia improved its credit information system through a new regulation setting up a legal framework for establishing credit bureaus.

DB 2009: Indonesia improved access to credit information by guaranteeing borrowers’ right to inspect their own data in the public credit registry.

DB 2008: Indonesia’s public credit registry eliminated the minimum threshold for loans included in its database, improving access to credit information.

Iran, Islamic Rep

DB 2011: The establishment of a new private credit bureau improved access to credit information.

Ireland

DB 2015: Ireland improved its credit information system by passing a new act that provides for the establishment and operation of a credit registry.

Jamaica

DB 2015: Jamaica improved access to credit by establishing credit bureaus and by adopting a new secured transactions law that implements a functional secured transactions system, broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and establishes a modern, notice-based collateral registry.

DB 2014: Jamaica improved its credit information system by creating a legal and regulatory framework for private credit bureaus.

Jordan

DB 2011: Jordan improved its credit information system by setting up a regulatory framework for establishing a private credit bureau as well as lowering the threshold for loans to be reported to the public credit registry.

Kazakhstan

DB 2016: Kazakhstan improved access to credit by adopting a new law on secured transactions allowing a general description of a combined category of assets granted as collateral.

DB 2013: Kazakhstan strengthened secured creditor rights by introducing new grounds for relief from an automatic stay during rehabilitation proceedings.

DB 2009: Kazakhstan’s private credit bureau increased its sources of credit information by adding retailers such as furniture companies and utilities such as the gas company.

Kenya

DB 2016: Kenya improved access to credit information by passing legislation that allows the sharing of positive information and by expanding borrower coverage.

DB 2015: Kenya improved its credit information system by passing legislation that allows the sharing of both positive and negative credit information and establishes guidelines for the treatment of historical data.

DB 2010: Kenya improved access to credit information through a new law on credit bureaus providing a framework for a regulated and reliable system of credit information sharing.

DB 2008: Kenya’s private credit bureau expanded the coverage of its database by adding retailers and utility companies as providers of credit information.

Korea, Rep

DB 2014: Korea revised its secured transactions framework by creating new types of security rights that can be publicized through registration.

Kuwait

DB 2008: Kuwait’s private credit bureau expanded its coverage by adding retailers to those supplying it with credit information.

Kyrgyz Republic

DB 2016: In the Kyrgyz Republic the credit bureau improved access to credit information by beginning to distribute both positive and negative credit information.

DB 2010: The Kyrgyz Republic strengthened its secured transactions system through amendments to its civil code and pledge law making secured lending more flexible, allowing a general description of encumbered assets and of debts and obligations and providing for the automatic extension of a security right to proceeds of the original asset.

Lao PDR

DB 2016: The Lao People’s Democratic Republic improved access to credit information by eliminating the threshold for the minimum size of loans to be included in the credit registry’s database and by expanding borrower coverage.

DB 2015: The Lao People’s Democratic Republic improved access to credit by implementing a modern, unified, notice-based collateral registry.

DB 2012: Lao PDR improved access to credit information by establishing a public credit registry.

Latvia

DB 2017: Latvia improved access to credit information by launching a private credit bureau.

DB 2016: Latvia improved its credit information system through a new law governing the licensing and functioning of credit bureaus.

DB 2014: Latvia improved its credit information system by adopting a new law regulating the public credit registry.

DB 2010: Latvia’s new public credit registry started sharing data on loans, improving access to credit information.

Lebanon

DB 2011: Lebanon improved its credit information system by allowing banks online access to the public credit registry’s reports.

Lesotho

DB 2017: Lesotho improved access to credit information by expanding the coverage of its credit bureau.

DB 2016: Lesotho improved access to credit information by establishing its first credit bureau.

Liberia

DB 2016: Liberia improved access to credit by adopting new laws on secured transactions that establish a modern, unified and notice-based collateral registry.

DB 2012: Liberia strengthened its legal framework for secured transactions by adopting a new commercial code that broadens the range of assets that can be used as collateral (including future assets) and extends the security interest to the proceeds of the original asset.

DB 2009: Liberia improved access to credit information by creating a nascent public credit registry in its central bank.

Lithuania

DB 2014: Lithuania strengthened its secured transactions system by broadening the range of movable assets that can be used as collateral, allowing a general description in the security agreement of the assets pledged as collateral and permitting out-of-court enforcement.

DB 2011: Lithuania’s private credit bureau now collects and distributes positive information on borrowers.

Macedonia, FYR

DB 2017: The Former Yugoslav Republic of Macedonia strengthened access to credit by amending its laws to implement a functional secured transactions system, provide modern features for the collateral registry and allow parties to grant non posessory security rights in a single category of assets with general descriptions.

DB 2014: FYR Macedonia strengthened its secured transactions system by providing more flexibility on the description of assets in a collateral agreement and on the types of debts and obligations that can be secured.

DB 2012: FYR Macedonia improved its credit information system by establishing a private credit bureau.

DB 2010: FYR Macedonia’s public credit bureau improved its database and expanded its coverage by including more information and lowering the minimum threshold for loans reported.

DB 2009: FYR Macedonia improved access to credit information by guaranteeing by law borrowers’ right to inspect their own data in the public credit registry.

Madagascar

DB 2016: Madagascar improved access to credit by broadening the range of assets that can be used as collateral (including future assets), by allowing a general description of assets granted as collateral and by allowing a general description of debts and obligations.

DB 2012: Madagascar improved its credit information system by eliminating the minimum threshold for loans included in the database and making it mandatory for banks to share credit information with the credit bureau.

Malawi

DB 2017: Malawi strengthened access to credit by adopting a new law on secured transactions that implements a functional secured transactions system and establishes a centralized, notice-based, online collateral registry.

DB 2012: Malawi improved its credit information system by passing a new law allowing the creation of a private credit bureau.

Malaysia

DB 2017: In Malaysia the credit bureau began to provide consumer credit scores.

Mali

DB 2017: Mali improved access to credit information by establishing a new credit bureau.

DB 2016: Mali improved its credit information system by introducing regulations that govern the licensing and functioning of credit bureaus in the member states of the West African Economic and Monetary Union (UEMOA).

DB 2012: Access to credit in Mali was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Malta

DB 2017: Malta improved access to credit information by launching a new credit registry.

Marshall Islands

DB 2011: The Marshall Islands improved access to credit through a new law on secured transactions that establishes a central collateral registry, broadens the range of assets that can be used as collateral, allows a general description of debts and obligations and assets granted as collateral and establishes clear priority rules outside bankruptcy for secured creditors.

Mauritania

DB 2017: Mauritania improved access to credit information by providing banks and financial institutions with online access to the credit registry data.

DB 2016: Mauritania improved access to credit information by lowering the threshold for the minimum size of loans to be included in the credit registry’s database and by expanding borrower coverage.

DB 2015: Mauritania improved its credit information system by lowering the minimum threshold for loans to be included in the registry’s database.

Mauritius

DB 2014: Mauritius improved access to credit information by expanding the scope of credit information and increasing the coverage of the historical data distributed from 2 years to 3.

DB 2013: Mauritius improved access to credit information by starting to collect payment information from retailers and beginning to distribute both positive and negative information.

DB 2010: Mauritius improved access to credit information by allowing the licensing of private credit information bureaus and by expanding the coverage of the Mauritius Credit Information Bureau to all institutions offering credit facilities.

DB 2009: Mauritius’s public credit registry eliminated the minimum threshold for credits that must be reported to its database—and now captures information on all credits extended by the financial system.

Mexico

DB 2016: Mexico improved access to credit by implementing a decree allowing a general description of assets granted as collateral. This reform applies to both Mexico City and Monterrey.

DB 2015: Mexico improved access to credit by amending its insolvency proceedings law and establishing clear grounds for relief from a stay of enforcement actions by secured creditors during reorganization procedures. This reform applies to both Mexico City and Monterrey.

DB 2012: Mexico strengthened its secured transactions system by implementing a centralized collateral registry with an electronic database that is accessible online.

Micronesia, Fed Sts

DB 2008: The Federated States of Micronesia strengthened its secured transactions system by implementing a unified registry for all security rights in movable property. It also implemented provisions allowing the use of all types of movable assets as collateral and permitting a general description of movable collateral in the security agreement.

Moldova

DB 2014: Moldova strengthened its secured transactions system by introducing new grounds for relief from an automatic stay during insolvency and restructuring proceedings.

DB 2012: Moldova improved its credit information system by establishing its first private credit bureau.

DB 2009: Moldova improved its credit information system through a new credit bureau law to facilitate the creation of a private credit bureau.

Mongolia

DB 2016: In Mongolia the credit registry began distributing data from a utility company, improving access to credit information.

DB 2013: Mongolia improved access to credit information by adopting a law that provides for licensing of credit reference bureaus and guarantees borrowers’ right to inspect their personal data.

DB 2012: Mongolia improved its credit information system by eliminating the minimum threshold for loans included in the database.

Montenegro

DB 2013: Montenegro improved access to credit information by guaranteeing borrowers’ right to inspect their personal data.

DB 2009: Montenegro improved access to credit information by creating a new public credit registry.

Morocco

DB 2017: In Morocco the credit bureau began to provide credit scores.

DB 2010: Morocco improved access to credit information through a new private credit bureau that started operations.

DB 2009: Morocco improved access to credit information by guaranteeing borrowers’ right to inspect their own data in the public credit registry.

Mozambique

DB 2017: Mozambique improved access to credit information by enacting a law that allows the establishment of a new credit bureau.

Myanmar

DB 2017: Myanmar improved its credit information system by enacting a law that allows the establishment of a new credit bureau.

Namibia

DB 2016: Namibia improved access to credit information by guaranteeing by law borrowers’ right to inspect their own data.

Nepal

DB 2010: Nepal improved access to credit information by starting to distribute historical data.

Netherlands

DB 2014: The Netherlands weakened its secured transactions system through an amendment to the Collection of State Taxes Act that grants priority outside bankruptcy to tax claims over secured creditors’ claims.

New Zealand

DB 2015: New Zealand improved access to credit information by beginning to distribute both positive and negative credit information.

DB 2013: New Zealand improved access to credit information by allowing credit bureaus to collect positive information on individuals.

Nicaragua

DB 2015: Nicaragua improved access to credit information by starting to provide credit scores to banks and financial institutions.

Niger

DB 2017: Niger improved access to credit information by establishing a new credit bureau.

DB 2016: Niger improved its credit information system by introducing regulations that govern the licensing and functioning of credit bureaus in the member states of the West African Economic and Monetary Union (UEMOA).

DB 2012: Access to credit in Niger was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Nigeria

DB 2017: Nigeria strengthened access to credit by creating a centralized collateral registry. This reform applies to both Kano and Lagos.

DB 2013: Nigeria improved access to credit information by distributing credit information from retail companies.

DB 2010: Nigeria improved its credit information system through a central bank guideline defining the licensing, operational and regulatory requirements for a privately owned credit bureau.

Oman

DB 2013: Oman improved access to credit information by guaranteeing borrowers’ right to inspect their personal data.

DB 2012: Oman improved its credit information system by launching the Bank Credit and Statistical Bureau System, which collects historical information on performing and nonperforming loans for both firms and individuals.

Pakistan

DB 2017: Pakistan improved access to credit information guaranteeing by law borrowers’ rights to inspect their own data. The credit bureau also expanded its borrower coverage. This reform applies to both Lahore and Karachi.

DB 2008: Pakistan’s private credit bureau began distributing positive as well as negative credit information, and its public credit registry eliminated the minimum threshold for loans included in its database.

Palau

DB 2014: Palau strengthened its secured transactions system through a new law that establishes a centralized collateral registry, broadens the range of assets that can be used as collateral to include future assets, allows a general description in the security agreement of debts and obligations as well as assets pledged as collateral, establishes clear priority rules outside bankruptcy for secured creditors and allows out-of-court enforcement of the collateral.

Panama

DB 2015: Panama improved access to credit through a new law broadening the range of assets that can be used as collateral, allowing a general description of assets granted as collateral and allowing out-of-court enforcement of collateral.

Papua New Guinea

DB 2017: Papua New Guinea strengthened access to credit by adopting a new law on secured transactions that implemented a functional secured transactions system and established a centralized, notice-based collateral registry. The new law broadens the scope of assets that can be used as collateral and allows out-of-court enforcement of collateral.

DB 2016: Papua New Guinea improved access to credit information by expanding the bureau's coverage.

DB 2011: Operation of a new private credit bureau improved the credit information system in Papua New Guinea.

Paraguay

DB 2017: Paraguay reduced access to credit information by limiting the distribution of historical data on borrowers.

DB 2012: Paraguay improved its credit information system by establishing an online platform for financial institutions to exchange information with the public credit registry.

Peru

DB 2016: Peru improved its credit information system by implementing a new law on personal data protection.

Philippines

DB 2014: The Philippines improved access to credit information by beginning to distribute both positive and negative information and by enacting a data privacy act that guarantees borrowers’ right to access their data.

DB 2010: The Philippines improved access to credit information through a new act regulating the operations and services of a credit information system.

Poland

DB 2010: Poland strengthened its secured transactions system by allowing all legal persons, including foreign entities, to hold a security interest in the form of a pledge and improved access to credit information by starting to collect and distribute information on firms.

Qatar

DB 2012: Qatar improved its credit information system by starting to distribute historical data and eliminating the minimum threshold for loans included in the database.

Romania

DB 2013: Romania strengthened its legal framework for secured transactions by allowing the automatic extension of security interests to the products, proceeds and replacement of collateral.

DB 2008: Romania strengthened its secured transactions system by introducing provisions allowing parties to a security agreement to agree to out-of-court enforcement of the security right when signing the agreement.

Russian Federation

DB 2016: Russia improved access to credit by adopting a new law on secured transactions that established a centralized collateral registry and allows a general description of a combined category of assets granted as collateral. This reform applies to both Moscow and St. Petersburg.

DB 2008: In Russia access to credit information was improved by the launch of a private credit bureau, the National Bureau of Credit Histories (NBKI), and by a requirement that banks submit credit data to the credit bureau.

Rwanda

DB 2016: In Rwanda the credit bureau started to provide credit scores to banks and other financial institutions while the credit registry expanded borrower coverage, strengthening the credit reporting system.

DB 2015: Rwanda improved access to credit by establishing clear priority rules outside bankruptcy for secured creditors and establishing clear grounds for relief from a stay of enforcement actions by secured creditors during reorganization procedures.

DB 2014: Rwanda strengthened its secured transactions system by providing more flexibility on the types of debts and obligations that can be secured through a collateral agreement.

DB 2012: In Rwanda the private credit bureau started to collect and distribute information from utility companies and also started to distribute more than 2 years of historical information, improving the credit information system.

DB 2011: Rwanda enhanced access to credit by allowing borrowers the right to inspect their own credit report and mandating that loans of all sizes be reported to the central bank’s public credit registry.

DB 2010: Rwanda strengthened its secured transactions system by allowing a wider range of assets to be used as collateral, permitting a general description of debts and obligations in the security agreement, allowing out-of-court enforcement of collateral, granting secured creditors absolute priority within bankruptcy and creating a new collateral registry.

Samoa

DB 2010: Samoa strengthened its secured transactions system by beginning to enforce its new company act and securities act, which allow a corporation to grant a floating charge (debenture) over all its assets and which automatically extend a security interest to the products and proceeds of collateral for a floating charge.

Saudi Arabia

DB 2011: An amendment to Saudi Arabia’s commercial lien law enhanced access to credit by making secured lending more flexible and allowing out-of-court enforcement in case of default.

DB 2008: Saudi Arabia’s private credit bureau launched a commercial credit bureau that issues reports on companies, including on their credit exposure.

Senegal

DB 2017: Senegal improved access to credit information by establishing a new credit bureau.

DB 2015: Senegal improved its credit information system by introducing regulations developed by the West African Economic and Monetary Union that govern the licensing and operation of credit bureaus.

DB 2012: Access to credit in Senegal was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Serbia

DB 2010: Serbia improved access to credit information by guaranteeing by law borrowers’ right to inspect their own data.

Seychelles

DB 2016: The Seychelles improved access to credit information by establishing a credit registry.

DB 2013: Seychelles improved access to credit information by adopting new regulations that provide for the establishment and operation of a credit registry database.

Sierra Leone

DB 2015: Sierra Leone improved its credit information system by beginning to distribute both positive and negative data and by increasing the system’s coverage rate.

DB 2013: Sierra Leone improved access to credit information by establishing a public credit registry at its central bank and guaranteeing borrowers’ right to inspect their personal data.

DB 2012: Sierra Leone improved its credit information system by enacting a new law providing for the creation of a public credit registry.

DB 2010: Sierra Leone strengthened its secured transactions system through a new company act that allows the use of fixed and floating charges and automatically extends a security interest to the products, proceeds and replacements of the collateral.

Singapore

DB 2014: Singapore improved its credit information system by guaranteeing by law borrowers’ right to inspect their own data.

DB 2011: Singapore improved its credit information system by collecting and distributing information on firms.

Slovak Republic

DB 2015: The Slovak Republic improved its credit information system by implementing a new law on the protection of personal data.

DB 2012: The Slovak Republic improved its credit information system by guaranteeing by law the right of borrowers to inspect their own data.

Slovenia

DB 2009: Slovenia weakened its secured transactions framework by decreasing secured creditors’ rights during reorganization procedures but also improved access to credit information by starting operations at the new private credit bureau (SISBON).

DB 2008: As a result of the introduction of the euro in Slovenia, its public credit registry increased the minimum threshold for loans included in its database from 0 to €500, reducing access to credit information.

Solomon Islands

DB 2017: The Solomon Islands improved access to credit information by establishing a credit bureau.

DB 2011: The Solomon Islands strengthened access to credit by passing a new secured transactions law that broadens the range of assets that can be used as collateral, allows a general description of debts and obligations secured by collateral, permits out-of-court enforcement and creates a collateral registry.

South Africa

DB 2015: South Africa made access to credit information more difficult by introducing regulations requiring credit bureaus to remove negative credit information from their databases, such as adverse information on consumer behavior or enforcement action accumulated on a consumer’s record before April 1, 2014.

DB 2008: South Africa improved its credit information system by introducing a requirement that lenders check the overall debt of customers before granting them a loan and by guaranteeing borrowers the right to access and challenge their credit records.

Sri Lanka

DB 2013: Sri Lanka strengthened its secured transactions system by establishing an electronic, searchable collateral registry and issuing regulations for its operation.

DB 2010: Sri Lanka improved access to credit information through a consolidation of systems at the private credit bureau allowing all shareholder lending institutions to submit credit data, with no minimum threshhold for the loans to be reported to the database.

DB 2009: Sri Lanka improved access to credit by strengthening its secured transactions system through its new company act, under which secured creditors’ claims are no longer frozen when the company goes into liquidation and by setting up an online system for banks to share credit information at the private credit bureau, collecting data on all loans from financial institutions and distributing historical credit information covering a longer period.

DB 2008: In Sri Lanka the private credit bureau increased the minimum threshold for loans on which negative information is distributed from 100,000 Sri Lanka rupees to 500,000.

Sudan

DB 2013: Sudan improved access to credit information by establishing a private credit bureau.

Sweden

DB 2010: Sweden strengthened its secured transactions system through changes to the Rights of Priority Act that give secured creditors’ claims priority in cases of debtor default outside bankruptcy.

Syrian Arab Republic

DB 2013: Syria improved access to credit information by establishing an online system for data exchange between all banks and microfinance institutions and the central bank’s credit registry.

DB 2011: Syria enhanced access to credit by eliminating the minimum threshold for loans included in the database, which expanded the coverage of individuals and firms to 2.8% of the adult population.

Taiwan, China

DB 2015: Taiwan, China, improved access to credit information by beginning to include data from utility companies in credit reports.

DB 2009: Taiwan, China, strengthened its secured transactions system through an amendment to its civil code allowing the use of personal real estate or property to secure a line of credit, for not more than a specified maximum amount.

Tajikistan

DB 2015: Tajikistan improved access to credit information by beginning to provide credit scores.

DB 2014: Tajikistan improved access to credit information by establishing a private credit bureau.

DB 2012: Access to credit using movable property in Tajikistan became more complicated because the movable collateral registry stopped its operations in January, 2011.

DB 2010: Tajikistan improved its credit information system through a new law allowing the creation of a private credit bureau.

Tanzania

DB 2017: The credit bureau in Tanzania expanded credit bureau borrower coverage and began to distribute credit data from retailers.

DB 2015: Tanzania improved access to credit information by creating credit bureaus.

DB 2014: Tanzania improved its credit information system through new regulations that provide for the licensing of credit reference bureaus and outline the functions of the credit reference data bank.

Thailand

DB 2017: Thailand improved access to credit information by starting to provide credit scores to banks and financial institutions.

Timor-Leste

DB 2012: Timor-Leste improved its credit information system by establishing a public credit registry.

Togo

DB 2017: Togo improved access to credit information by introducing regulations that govern the licensing and functioning of credit bureaus in UEMOA member states.

DB 2012: Access to credit in Togo was improved through amendments to the OHADA Uniform Act on Secured Transactions that broaden the range of assets that can be used as collateral (including future assets), extend the security interest to the proceeds of the original asset and introduce the possibility of out-of-court enforcement.

Tonga

DB 2014: Tonga improved access to credit information by establishing a private credit bureau.

DB 2012: Tonga strengthened its secured transactions system by passing a new law that allows a general description of the obligation in the security agreement and gives secured creditors priority outside bankruptcy.

Trinidad and Tobago

DB 2015: Trinidad and Tobago improved access to credit by adopting the Bankruptcy and Insolvency Act, which establishes clear grounds for relief from a stay of enforcement actions by secured creditors during reorganization procedures as well as a time limit for the stay.

DB 2008: Trinidad and Tobago’s private credit bureau added utility companies as providers of information, improving access to credit information.

Tunisia

DB 2017: Tunisia strengthened credit reporting by starting to distribute historical credit information and credit information from a telecommunications company.

DB 2009: Tunisia improved access to credit information by beginning to collect and distribute more detailed credit information from banks (including both positive and negative information) and guaranteeing by law the right of individuals and firms to inspect their credit data in all central bank offices.

DB 2008: Tunisia’s public credit registry eliminated the minimum threshold for loans included in its database, improving access to credit information.

Turkey

DB 2010: Turkey’s private credit bureau added firms to its database, improving access to credit information.

Uganda

DB 2016: In Uganda the credit bureau expanded borrower coverage, improving access to credit information.

DB 2011: Uganda enhanced access to credit by establishing a new private credit bureau.

Ukraine

DB 2014: Ukraine improved access to credit information by collecting data on firms from financial institutions.

DB 2009: Ukraine improved access to credit information by creating a new private credit bureau.

United Arab Emirates

DB 2015: In the United Arab Emirates the credit bureau improved access to credit information by starting to exchange credit information with a utility.

DB 2012: The United Arab Emirates improved its credit information system through a new law allowing the establishment of a federal credit bureau under the supervision of the central bank.

DB 2011: The United Arab Emirates enhanced access to credit by setting up a legal framework for the operation of the private credit bureau and requiring that financial institutions share credit information.

DB 2009: The United Arab Emirates improved access to credit information by establishing a new private credit bureau that collects information on all loans and by guaranteeing borrowers’ right to inspect their own credit data in the new bureau.

Uruguay

DB 2012: Uruguay improved its credit information system by introducing a new online platform allowing access to credit reports for financial institutions, public utilities and borrowers.

Uzbekistan

DB 2016: Uzbekistan improved access to credit by adopting new laws on secured transactions that allow a general description of assets granted as collateral and establish a modern, unified, notice-based collateral registry.

DB 2014: Uzbekistan improved access to credit information by expanding the scope of credit information and requiring that more than 2 years of historical data be collected and distributed.

DB 2013: Uzbekistan improved access to credit information by guaranteeing borrowers’ right to inspect their personal data.

DB 2009: In Uzbekistan a private credit bureau (Inter Bank Kredit Bureau) started collecting information on the repayment patterns of individual borrowers as well as firms.

Vanuatu

DB 2017: Vanuatu improved access to credit by passing a new law that allows secured creditors to realize their assets without being subject to priorities of other creditors.

DB 2014: Vanuatu improved access to credit information by establishing a private credit bureau.

DB 2010: Vanuatu strengthened its secured transactions system by launching a unified and geographically centralized collateral registry.

DB 2009: Vanuatu strengthened its secured transactions system by adopting the Personal Property Securities Act and creating an electronic registry for security interests. The new law broadens the range of assets that can be used as collateral, extends a security interest to the proceeds of the original asset, ensures that secured creditors have priority outside bankruptcy procedures and allows out-of-court enforcement of security interests.

Venezuela, RB

DB 2014: República Bolivariana de Venezuela improved access to credit information by starting to collect data on firms from financial institutions.

DB 2011: República Bolivariana de Venezuela improved access to credit information by creating a private credit bureau.

Vietnam

DB 2016: Vietnam guaranteed borrowers’ right to inspect their credit data while the new credit bureau expanded borrower coverage, improving the credit information system.

DB 2015: Vietnam improved its credit information system by establishing a new credit bureau.

DB 2014: Vietnam improved its credit information system through a decree setting up a legal framework for the establishment of private credit bureaus.

DB 2011: Vietnam improved its credit information system by allowing borrowers to examine their own credit report and correct errors.

DB 2009: Vietnam’s public credit registry extended the coverage of historical credit information that it distributes from 2 years to 5, expanding its coverage of individuals and firms.

DB 2008: Vietnam strengthened its secured transactions system by expanding the range of assets that can be used as collateral and allowing a general description of collateral in the security agreement.

West Bank and Gaza

DB 2016: The credit registry in West Bank and Gaza began to distribute credit data from retailers and utility companies.

DB 2013: West Bank and Gaza improved access to credit information by guaranteeing borrowers’ right to inspect their personal data.

DB 2009: West Bank and Gaza’s public credit registry set up an online system for banks to share credit information.

DB 2008: West Bank and Gaza’s public credit registry eliminated the minimum threshold for loans included in its database and instructed banks to disclose all loans granted to customers.

Yemen, Rep

DB 2010: The Republic of Yemen improved access to credit information by eliminating the minimum threshold for the loans reported and guaranteeing borrowers’ right to view their credit reports.

Zambia

DB 2016: In Zambia the credit bureau began to provide credit scores.

DB 2015: In Zambia, the credit bureau improved access to credit information by starting to exchange credit information with retailers and utilities.

DB 2010: Zambia improved its credit information system by making it mandatory for banks and nonbank financial institutions registered with the central bank to use credit reference reports and to provide data to the credit bureau.

Zimbabwe

DB 2017: Zimbabwe improved access to credit information by allowing the establishment of a credit registry.

DB 2016: In Zimbabwe the credit bureau began to provide credit scores.