Credit Reference Agencies to be Regulated

[Conniff]

The EU is proposing to regulate the CRAs, amongst the proposals are:




Under the draft law, credit agencies would have to:

• register with European regulators and submit to monitoring by national authorities
• disclose how they determine risk
• make changes in their corporate governance to prevent conflicts of interest, including imposing restrictions on board members’ pay, credentials and terms for dismissal.

It can't come soon enough.

[pompeyfaith]

You have a link to this excellent bit of news

Regards

Leon

[Conniff]

Oops - sorry.

European Commission

Second item, 12/11/08

[foolishgirl]

Well spotted Conniff!

Bring it on I say, can't come soon enough...

[Lula]

that'll put the cat amongst the pigeons

[midge61]

Hi

I think you will find this is for the Credit RATING Agencies NOT the credit REFERENCE agencies.

They are very different entities (unfortunately)

	Credit Report Click link to open in new window.

[foolishgirl]

Originally Posted by midge61

Hi

I think you will find this is for the Credit RATING Agencies NOT the credit REFERENCE agencies.

They are very different entities (unfortunately)

Thanks for the eagle eyes, Midge. Pity...sigh

	Credit Report Click link to open in new window.

[The GodMother]

DAM......Thats had my hopes up. I was so looking forward to the referance agencys having to sort themselves out.

[bottomburp]

Will they matter for much longer anyhow?

If things are going to be as bad as the "experts" predict then pretty much everyone will have bad CRA ratings. Which should mean their ratings system will become worthless...

Lenders might have to start meeting people again, reading their business plans and making decisions based on face to face meetings. And that would be good.

	Credit Report Click link to open in new window.