Greece is set to implement a credit scoring system for businesses and individuals, akin to those used by international rating agencies, to assess financial reliability for various transactions, including property rentals and business dealings.
The Independent Credit Rating Authority, now entering the staffing phase, will collect financial data from multiple sources beyond traditional banking institutions. This includes outstanding debts to the state, municipalities and utility companies. The new authority will issue creditworthiness certificates upon request, allowing citizens to demonstrate their financial reliability without disclosing sensitive tax documents.
The government is expected to launch an open competition in the coming weeks to appoint the president and board members of the authority. Officials aim for the system to be fully operational by the end of 2025 or early 2026.
With Greece’s private debt exceeding €224 billion – excluding debts between individuals and to state-owned enterprises – the initiative seeks to enhance financial transparency and facilitate economic transactions. The authority’s data will integrate with Greece’s broader debt-tracking infrastructure, including the Private Debt Monitoring Registry, the Central Credit Register under the Bank of Greece and the banking sector’s Teiresias database.
Legislation establishing the authority was passed in 2022 but has seen delays in implementation. As part of Greece’s Recovery and Resilience Fund commitments, recent legislative amendments now pave the way for its formal launch.
The credit scores will be generated through an automated system analyzing financial behavior data, including outstanding debts, repayment history and legal disputes with creditors. The system will interact with public and private financial databases to provide a unified rating.
Supporters argue the initiative will simplify rental agreements and business transactions, reducing the need for landlords and suppliers to request tax filings or other financial documents. Critics, however, raise concerns over data privacy and potential barriers for individuals with poor credit histories.