International Committee on Credit Reporting (ICCR) (2)

Topics and Issues

COVID-19 (26)

Global financial authorities also encourage full reporting, and not suppression. Early in the global pandemic, the World Bank, through its International Committee on Credit Reporting (ICCR), issued a policy statement, “Treatment of Credit Data in Credit Information Systems in the context of the COVID-19 pandemic.”  To help “safeguard…the integrity of credit reporting systems,” regulators should “[p]romote continued full (file) sharing of credit information including reporting of missed payment data arising due to the crisis, with the necessary safeguards that ensure that there is minimal or no effect on the data subjects’ credit history and score.”  To “safeguard…borrowers,” regulators should make sure there are “different technical reporting solutions e.g. special credit reporting codes, identifiers or conventions (such as freeze payment status) for reporting facilities that are under an agreed forbearance or deferred payment status window.”