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Banks and banking --- Credit --- Liability for credit information --- Banking law
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"Credit reporting is a critical part of the financial system in most developed economies but is often weak or absent in developing countries. It addresses a fundamental problem of credit markets: asymmetric information between borrowers and lenders that can lead to adverse selection and moral hazard. The heart of a credit report is the record it provides of an individual's or a firm's payment history, which enables lenders to evaluate credit risk more accurately and lower loan processing time and costs. Credit reports also strengthen borrower discipline, since nonpayment with one institution results in sanctions with others." "This book provides the first comprehensive review of credit reporting systems worldwide and documents the rapid growth in the industry. It offers empirical and theoretical evidence of the impact of credit reporting on financial markets, using examples from both developed and developing economies. Credit reporting, it shows, significantly contributes to predicting default risk of potential borrowers, which promotes increased lending activity. The book also covers the role of public policy in the development of credit reporting initiatives, including the role of public credit registries managed by central banks; and the role of legal, regulatory, and institutional factors in supporting credit reporting."--Jacket.
Credit bureaus --- Consumer credit --- Credit --- Credit information services --- Credit reporting agencies --- Mercantile agencies --- Consumer debt --- Information services
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This paper analyzes the impact of introducing credit information-sharing systems on firms' access to finance. The analysis uses multi-year, firm-level surveys for 63 countries covering more than 75,000 firms over the period 2002-13. The results reveal that credit bureau reforms, but not credit registry reforms, have a significant and robust effect on firm financing. After the introduction of a credit bureau, the likelihood that a firm has access to finance increases, interest rates drop, maturity lengthens, and the share of working capital financed by banks increases. The effects of credit bureau reforms are more pronounced the greater the coverage of the credit bureau and the scope and accessibility of the credit information-sharing scheme. Credit bureau reforms also have a greater impact on firms' access to finance in countries where contract enforcement is weaker. Finally, there is some evidence that the effects of credit bureau reform are more pronounced for smaller, less experienced, and more opaque firms.
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June 2000 - To improve on the low level and low efficiency of Brazil's financial intermediation (and hence economic growth), Brazil needs reforms leading to a more efficient judicial sector, better enforcement of contracts, stronger rights for creditors, stronger accounting standards and practices, and a legal and regulatory framework that facilitates the exchange of information about borrowers. Reforms to improve both the level and the efficiency of financial intermediation in Brazil should be high on Brazilian policymakers' agendas, because of the financial sector's importance to economic growth. This means that Brazil must also improve the legal and regulatory environment in which its financial institutions operate. Brazil is weak in important components of such an environment: the rights of secured and unsecured creditors, the enforcement of contracts, and the sharing of credit information among intermediaries. Recent reforms, such as the extension of alienacao fiduciaria to housing, the introduction of cedula de credito bancario, the legal separation of principal and interest, and improvements in credit information systems, are useful steps in strengthening the framework. But more is needed. Reforms that will significantly increase the level and efficiency of financial intermediation and have a positive impact on economic growth include: A more efficient judicial sector and better enforcement of contracts; Stronger rights for secured and unsecured creditors; Stronger accounting standards and practices, to improve the quality of information available about borrowers; The development of a legal and regulatory framework that facilitates the exchange among financial institutions of both negative and positive information about borrowers. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to better understand the link between financial development and economic growth, with application to Brazil. The author may be contacted at tbeck@worldbank.org.
Accounting --- Accounting Standards --- Banks and Banking Reform --- Bond Markets --- Borrowers --- Contract --- Contract Enforcement --- Credit Information --- Credit Information Systems --- Debt Markets --- Economic Theory and Research --- Emerging Markets --- Enforceability --- Enforceability Of Contracts --- Enforcement Of Contracts --- Finance and Financial Sector Development --- Financial Development --- Financial Institutions --- Financial Literacy --- Interest --- Liabilities --- Macroeconomics and Economic Growth --- Private Bond --- Private Sector Development --- Regulatory Framework --- Stock --- Stock Markets --- Unsecured Creditors
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"There are a variety of regulatory mandates and industry guidelines that impact information security, but none have the virtually universal scope of PCI DSS (Payment Card Industry Data Security Standard). Every business around the world that accepts, processes, transmits, or stores credit card data is subject to compliance with PCI DSS"--
Computer networks - Security measures. --- Computer networks -- Security measures. --- Credit cards. --- Data protection - Standards. --- Data protection -- Standards. --- Liability for credit information. --- Data protection --- Computer networks --- Credit cards --- Liability for credit information --- Engineering & Applied Sciences --- Computer Science --- Standards --- Security measures --- Standards. --- Security measures. --- Information Technology --- General and Others --- Credit information, Liability for --- Credit bureaus --- Cards, Charge --- Cards, Credit --- Charge cards --- Consumer credit --- Point-of-sale systems industry --- Charge accounts --- Computer network security --- Network security, Computer --- Security of computer networks --- Computer security --- Data governance --- Data regulation --- Personal data protection --- Protection, Data --- Electronic data processing --- Law and legislation
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Credit bureaus. --- Credit ratings. --- Credit bureaus --- Credit ratings --- Finance --- Credit, Debt & Loans --- Business & Economics --- Commercial ratings --- Credit checks --- Credit guides --- Credit investigations --- Credit reports --- Ratings, Credit --- Credit --- Credit information services --- Credit reporting agencies --- Mercantile agencies --- Information services
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The global financial crisis has given greater credence to the idea that active state involvement in the financial sector can be helpful for stability and development. There is now evidence that, for example, lending by state-owned banks has helped in mitigating the impact of the crisis on aggregate credit. But evidence also points to negative longer-term effects of direct interventions on resource allocation and quality of intermediation. This suggests a need to rebalance the state's roles from direct to less direct involvement, as the crisis subsides. The state does have very important roles, especially in providing well-defined regulations and enforcing them, ensuring healthy competition, and strengthening financial infrastructure. One of the crisis lessons is the importance of getting the basics right first: countries with complex but poorly enforced regulations suffered more during the global crisis. Evidence also suggests that instead of restricting competition, the state needs to encourage contestability through healthy entry of well-capitalized institutions and timely exit of insolvent ones. There is also new evidence that supports the state's key role in promoting transparency of information and reducing counterparty risk. The challenge of financial sector policies is to better align private incentives with public interest, without taxing or subsidizing private risk-taking.
Access to Finance --- Banks & Banking Reform --- Competition policy --- Credit information sharing --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial infrastructure --- Financial Intermediation --- Financial sector --- Government policy --- Macroeconomics and Economic Growth --- Regulation and supervision --- State-owned financial institutions
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This paper explores the empirical relationship between bank competition, bank concentration, and the emergence of credit reporting institutions. The authors find that countries with lower entry barriers into the banking market (that is, a greater threat of competition) are less likely to have a credit bureau, presumably because banks are less willing to share proprietary information when the threat of market entry is high. In addition, a credit bureau is significantly less likely to emerge in economies characterized by a high degree of bank concentration. The authors argue that the reason for this finding is that large banks stand to lose more monopoly rents from sharing their extensive information with smaller players. In contrast, the data show no significant relationship between bank competition or concentration and the emergence of a public credit registry, where banks' participation is mandatory. The results highlight that policies designed to promote the voluntary creation of a credit bureau need to take into account banks' incentives to extract monopoly rents from proprietary credit information.
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Identity theft has been steadily rising in recent years, and credit card data is one of the number one targets for identity theft. With a few pieces of key information. Organized crime has made malware development and computer networking attacks more professional and better defenses are necessary to protect against attack. The credit card industry established the PCI Data Security standards to provide a baseline expectancy for how vendors, or any entity that handles credit card transactions or data, should protect data to ensure it is not stolen or compromised. This book will provide the infor
Data protection --- Computer networks --- Credit cards. --- Liability for credit information. --- Standards. --- Security measures. --- Credit information, Liability for --- Cards, Charge --- Cards, Credit --- Charge cards --- Computer network security --- Network security, Computer --- Security of computer networks --- Data governance --- Data regulation --- Personal data protection --- Protection, Data --- Credit bureaus --- Consumer credit --- Point-of-sale systems industry --- Charge accounts --- Computer security --- Electronic data processing --- Law and legislation --- Information Technology --- General and Others
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