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Learn all you need to know about the only Credit Bureau in Greece, which provides reliable financial behavior information to banks, financial institutions and businesses, for the effective management of credit risk and the support of responsible lending. Tiresias operates aiming at boosting transparency and protecting credit transactions.
Discover all the relevant information below
Tiresias S.A. is a private company, with Greek banks as shareholders. As the only Credit Bureau in Greece, a member of the ACCIS European Credit Bureau Organization, it provides reliable information for the assessment of credit risks, both to banks and businesses. Through 30 years of expertise in the collection and management of credit information and the development of credit risk assessment and credit scoring systems, Tiresias’ purpose is to protect transactions and support the institution of credit. Respecting the rights of citizens and businesses, Tiresias actively supports the development of the Greek economy and the creation of a healthy economic environment for all.
Tiresias S.A. was founded in 1997 by almost all the Banks operating in the country then, which, applying the international practices of the Credit Bureaus, entrusted it with the development and management of the financial behavior data registry.
In the course of time, Tiresias upgraded its infrastructure and its information system and enriched the sources and type of its data, always applying the legislation on the processing of personal data and the decisions of the Hellenic Data Protection Authority. Since 2014, it has been also offering credit risk management services to businesses, through the TSEK business platform.
Today, Tiresias provides reliable information for the assessment of credit risks, both to banks and to other financial institutions, as well as to businesses. It is the only Credit Bureau in Greece and a member of the European Credit Bureau Organization ACCIS (www.accis.eu), which has more than 40 members
In the course of time, Tiresias upgraded its infrastructure and its information system and enriched the sources and type of its data, always applying the legislation on the processing of personal data and the decisions of the Hellenic Data Protection Authority. Since 2014, it has been also offering credit risk management services to businesses, through the TSEK business platform.
Today, Tiresias provides reliable information for the assessment of credit risks, both to banks and to other financial institutions, as well as to businesses. It is the only Credit Bureau in Greece and a member of the European Credit Bureau Organization ACCIS (www.accis.eu), which has more than 40 members
In the international literature, a Credit Bureau or Credit Reference Agency is defined as a legal entity, which processes a creditor's customer information in order to support creditors in the process of evaluating the creditworthiness of their customers. The World Bank defines as a condition for the operation of a Credit Bureau the processing of bank data.
Historically, the first Credit Bureaus appeared in the United States of America after the financial crisis of 1837, while in Europe they appeared a little later. The main purpose of Credit Bureaus was the exchange of information between creditors about the creditworthiness of customers, who received products or services on credit. Over time, the exchange of information through Credit Bureaus covered many sectors of the economy, was computerized and automated. Today, Credit Bureaus operate in most countries worldwide.
In all EU member countries, which have such mechanisms, it has been proved that the systems for exchanging data on the credit behavior of borrowers have contributed substantially to the development and protection of the institution of bank credit, to the reduction of credit risk, the consolidation of financial transactions and the smooth functioning of the financial market.
The function of a Credit Bureau in an economy solves the important problem of information asymmetry between the creditor and the borrower since, as a general rule, the borrower knows his/her financial profile better than the creditor, to whom he/she turns for lending.
Through a Credit Bureau, the creditor obtains a comprehensive credit picture of the creditworthiness of the borrower and can proceed with loans to borrowers, when they estimate that the borrowers have the ability to repay these loans. Thus, the creditor, on the one hand, reduces the credit risk that they manage in their loan portfolio and, on the other hand, they protect the borrower from a loan that he/she will not be able to pay.
Therefore, at the macroeconomic level, over-leveraging of the private sector is avoided.
Generally, Credit Bureaus, as Data Exchange Systems, have been proved to play a key role in the development of the infrastructure of the financial system and, consequently, the economy of a country, and that is why they are one of the three main pillars of an efficient economic system, contributing to the financial stability of a country.
It is noted that the information in the Registries of a Credit Bureau are of an auxiliary nature for the creditor and do not oblige them to carry out or not a transaction. They help them though better document any decision they take.
However, Credit Bureaus do not help creditors only. Through the knowledge they provide to borrowers about their financial picture and creditworthiness, they help them borrow responsibly. That is, to borrow, based on their real obligations, in order to be able to repay them consistently and, by extension, to maintain a healthy financial profile, avoiding possible future problems.
Tiresias’ goal is to provide added - value credit information services that:
- Unlock the power of information for the benefit of individuals, businesses and the financial system in general
- Facilitate responsible bank lending
- Contribute to the growth of the economy by boosting bank credit and reducing bad debts
- Support businesses in making decisions that will help them grow
- Contribute to the protection of individuals, businesses and financial organizations from fraud and financial crime
- Strengthen sustainable entrepreneurship and contribute to the smooth functioning of the market
The operating principles of Tiresias are:
- We respect and protect citizens’ rights at every stage of data management that concerns them, offering them every possible assistance in exercising their rights.
- We comply with the legislation and all regulations governing our operation.
- We implement our rules of operation fully and with absolute transparency.
- We provide objective and accurate information that is continuously updated.
- We ensure the integrity of our IT system, access to which is controlled by multiple safety mechanisms.
- We focus on our clients and how to best cater for their needs.
The benefit of Tiresias’ services concerns all interested parties, involved in credit:
- Credit institutions, factoring & leasing companies, card issuing and management companies, credit companies, microfinance institutions, as well as electronic payment institutions
- Loan and credit servicers
- The Bank of Greece
- Individuals and businesses.
Through the data registries of Tiresias, the recipients of the information are facilitated in the assessment of the solvency and creditworthiness of existing and potential borrowers and credit transactions, for the more effective management of their credit risk and the support of credit expansion. The Bank of Greece also has access to Tiresias’ data, for monitoring the market and exercising its supervisory role.
At the same time, Tiresias’ data also serve the prospective borrower him/herself, as he/she has, whenever he/she requests, a complete picture of his/her financial behavior data and he/she can assess himself/herself any further obligations that he/she can actually take on based on his/her disposable income, avoiding over-indebtedness.
You can see the data registries and their sources on Tiresias’ website.
Tiresias collects data applying the data protection legislation and having the respective approvals of the Hellenic Data Protection Authority
The retention time of the data kept by Tiresias in its registries varies according to the category of data and is mainly defined by the law (Article 40 Law 3259/2004, as amended by Article 70 Law 3746/2009 and Article 4 Law 3816/2010 and in force). You can see more details about the data retention times of each registry on the Tiresias website (in Greek).
The information system of Tiresias has been for years the most reliable source of credit data information in Greece. The high quality and safety of services is ensured by the systematic optimization of the company's processes and operations. At the same time, appropriate organizational and technical measures for data security and protection are taken. Tiresias has been certified since 2003, with the International Quality Management Standard ISO 9001:2015, after an evaluation by the internationally recognized organization Lloyd's Register LRQA.
Credit Report is a detailed report with the picture of your financial behavior (which financial obligations you have, if you repay them consistently, etc.) at the time you request it. Credit report shows data related to financial obligations that you may have defaulted on in the past (e.g. bounced checks, cancellations of loan and card agreements, payment orders, bankruptcies, etc.), but also all your loans from banks and those managed by servicers (loans and credits of all kinds, credit cards, letters of guarantee, etc.), whether you are an individual or you own a business. The Credit Report shows both the loans to you and the loans to third parties for whom you have guaranteed.
As a Credit Bureau, Tiresias collects information from banks and financial institutions as well as other sources (Courts, Land Registry Offices, etc.) and compiles the Credit Report of each individual and each business. The Credit Report is electronically sent to the credit/financial institution to which the individual or business has applied for financing, following the relevant request from the institution.
Globally, the Credit Report is a tool of great importance to credit and financial institutions, as it provides useful information on the creditworthiness of the prospective borrower. This information, in combination with other information available to the above institutions, lead to more certain decisions regarding loan applications, but also to the provision of loan products with more favorable terms to borrowers who are estimated to be able to repay, as the reduction of defaults results to lower costs for credit and financial institutions.
Every individual or business can request and receive free of charge his/her Credit Report in Tiresias.. You can request and receive it by email, in person, or by post/courier at the Public Service Office by completing the relevant application. More information here.
The Credit Report helps you have a better picture of your financial transactions and obligations. By getting your Credit Report in your hands, you have a guide so that you can proceed safely in your relationships with your lenders and use credit only to the extent that you will be able to meet your financial obligations in the future.
The Credit Report helps you have a better picture of your financial transactions and obligations. By getting your Credit Report in your hands, you have a guide so that you can proceed safely in your relationships with your lenders and use credit only to the extent that you will be able to meet your financial obligations in the future.
A credit score is a three-digit number that rates your credit behavior (from 1 to 600). Lenders use your credit score to estimate, based on probabilities, but also on other information they have, as well as the financing policy they follow, whether you have the ability to repay a new credit (e.g. a mortgage or a credit card), in order to prevent the possibility of you being over indebted in the first place. They also use it so that interest rates and borrowing costs are reduced, through the reduction of bad debts.
The credit score is generated based on all of your data, as they appear in the Tiresias Financial Behavior Data Registries (DFO-MPS-CCS), through statistical processing models, which evaluate your past transaction behavior. It is dynamic and changes every time the data concerning you change. Therefore, the score reflects the assessment of your creditworthiness at the time the credit institution or you request it.
Indicative factors that can affect the credit score are:
- The consistency in the repayment of grants
- Delays in repayment of loans
- The inability to repay financial obligations
- The existence of financial default data (DFO)
- The increase in total grants
Your credit score is evaluated by the credit and financial institutions that request it, after you submit an application for a loan or credit. Institutions take the relevant decision to grant or not grant a loan or credit, in combination with other information they have and the current lending policy they follow. Therefore, the specific each time scoring does not in itself imply the granting or not of a loan or credit.
You can find out your score any time and free of charge along with the main reasons for its formation, by submitting a relevant request to Tiresias (exercise the right of access). More here.
TSEK is Tiresias' platform for businesses of all sizes and sectors, which offers them online access to the most reliable financial and business data, collected daily on its database. Easy to use and with a very low annual cost, TSEK is a daily tool for businesses to save time in managing the risk of their transactions in Greece and abroad, preventing possible risks in time. Thus they can define their credit policy per partnership and focus on growing their customer base and their business safely. TSEK aims at supporting daily businesses in the management of credit risk, contributing to their healthy development through the consolidation of financial transactions, the limitation of fraud, the reduction of defaults and the increase of their clientele.
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