The basic characteristics of the ASB Credit Bureau are as follows:
- Comprehensiveness – The ASB Credit Bureau’s system includes the data from all banks, leasing providers and government funds and agencies conducting lending operations.
- Completeness of data for natural persons and legal entities – By means of the ASB Credit Bureau it is possible to access both positive and negative data for all natural persons, legal entities and entrepreneurs, as well as for foreign natural persons with granted residence in the Republic of Serbia. The positive data refer to loan amounts, leasing contracts and other financial liabilities, whereas the negative data refer to irregularity of liabilities settlement, duration of default, etc. The reports also include the data on actual and potential liabilities, and (ir)regularity of their settlement.
- Accuracy – The data are being integrated directly from creditors, without any intermediaries. Only those entities submitting the data have the possibility, right and obligation to amend the concerned data. Based on the experiences and analyses conducted so far, the ASB Credit Bureau has demonstrated a high level of data accuracy, hence the percentage of filed complaints in respect to the total number of generated reports (for all types of users) amounts to only 0.449%. Moreover, the share of disputed pieces of data in respect to the total number of issued pieces of data in reports amounts to 0.018%, which is an excellent result, especially compared with the major credit bureaus in the world.
- Up-to-date quality – The data are updated electronically on a daily basis, and it takes only 1 (one) second, on average, from the moment an inquiry is entered into the system until the relevant report gets produced, both for natural persons and legal entities. Furthermore, the relevant IT solution provides daily monitoring, which, in this respect, makes the ASB Credit Bureau project unique in the world.
- Confidentiality – In order to withdraw a Credit Bureau’s report, it is necessary to have the consent of the concerned natural person or a legal representative of the concerned legal entity. The report can be withdrawn only by the person specifically authorized by the bank, with each access of the authorized person to the Credit Bureau’s system being registered, along with the information about the person for which the report was being withdrawn.
- Security – The entire communication between a bank and the Credit Bureau is digitally signed. The state-of-the-art systems of database and data transfer protection have been implemented, including legal, functional and technological protection.
- National coverage – The data are being provided at the national level, and the Credit Bureau’s reports are possible to be obtained at more than 2000 bank counters in the Republic of Serbia.
Information acquired through the Credit Bureau can be used only for the purposes of risk assessment, by a bank or another service provider, which means that every possibility of using them for any other, for example marketing purpose, is eliminated. It is very important to highlight that the Credit Bureau’s system does not keep any records of the revenues, nor does it provide insight into the current account balances, or any other assets of natural persons.
The ASB Credit Bureau cannot make a decision about whether a loan would be granted or not, its role being only to provide a complete and comprehensive report on liabilities, on the basis of which the banks will, in combination with other available documentation and data, decide whether to extend a loan, according to their own business policy.
In other words, the decision on whether to grant a service or not is solely made by the concerned bank or service provider.
The ASB Credit Bureau operates and provides its services to its members on the basis of consent, which practically means that the withdrawal of reports requires written consent of the concerned natural person or a legal representative of the concerned legal entity.
Without a written consent it is not possible to withdraw a Credit Bureau’s report. Once given consent can be revoked according to the Law on Personal Data Protection.