All you need to know about your credit score and credit report

Find out all about your credit score and credit report at Tiresias, how to find them and why they are useful.

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All About your Credit Score and Credit Rating

What’s the role of the Credit Bureau

The Credit Bureau is a legal entity that collects financial and credit information about individuals and businesses. After processing this information, it comes up with a credit score and a credit report for them. The aim is for individuals and businesses to be aware of their financial status and borrowing ability, but also for banks and other financial institutions to be able to make informed decisions. This way it:

Helps banks and other creditors assess credit risk more efficiently when granting a loan or a credit card.
Protects borrowers from taking out loans they may not be able to repay.
Contributes to the seamless operation of the credit market and the economy in general.

Tiresias SA is the only such Credit Bureau in Greece. It was established in 1997 and is a member of the Association of Consumer Credit Information Suppliers (ACCIS – www.accis.eu).

What is a credit score

It is a scale from 1 to 600 that rates your creditworthiness at a given time. The higher the score the better your creditworthiness

To calculate the credit score, Tiresias uses statistical models which take into account all the data available to it about your credit history at a specific point in time. That’s why the score changes when your data changes.

Borrowers use your credit score to estimate whether you can repay a new loan, such as a mortgage or personal loan, or whether you can handle an increase on your credit card limit. However, the credit score is only one of the factors banks check when approving a new loan.

Apart from lenders, other businesses or individuals may need to use your credit score, always with your consent, before entering into a transaction with you.

What is a credit report

A report detailing your credit status and your overall financial behaviour. It reflects how consistent you are in repaying your financial obligations. It includes information such as:

Personal debts to banks and other credit institutions, e.g. loans, credit cards, overdraft limits, letters of guarantee.
Third-party debts you have personally guaranteed.
Any bankruptcies, bounced cheques or other payment defaults.
Your consistency in repaying your financial obligations.

The banks draw useful information about your credit rating. They combine this with other factors to decide whether or not to approve a loan you have requested.

Apart from banks, other businesses or individuals may request your credit report, always with your consent, before deciding whether to work with you or not.

How to request your credit score and credit report

You have the right to request your credit score and credit report from Tiresias any time you want. You receive all your details by email or registered post, free of charge.

To receive this information (right of access) from the Public Service Office of Tiresias, you can apply online. You can choose whether you want to receive your credit score, credit report or both. Apart from your credit score, you also receive information on the main factors contributing to its calculation.

Follow the instructions issued by Tiresias to find out how to apply.

How consumers and businesses are benefited

Better financial management

With access to a guide on your financial abilities, you can borrow prudently and are able to repay your debts.

Easier access to lending

Your creditors get a complete overview of your credit behaviour and it’s easier for them to trust you.

Lower lending costs

Through comprehensive information, there are fewer default loans and banks can extend financing with better terms.

Healthy growth and new opportunities

Every business can limit the credit risk from its customers and make the most of new opportunities.

Frequent questions

What does my credit score depend on?

Various factors, such as:

Delays in the repayment of loans, credit cards and other types of financing\
Past inability to repay financial obligations
Consistency in repaying debts arising from loans, credit cards and other types of financing
Increase in your borrowing

What data does Tiresias keep?

Various data relating to the financial and credit behaviour of individuals and businesses, such as:

Loan balances
Delays in the repayment of loans, credit cards and other types of financing
Default financial obligations, e.g. bankruptcies, bounced cheques
Mortgages and liens
ID cards and passports reported as lost or stolen

Find out more about the data kept by Tiresias.

How does Tiresias safeguard my data?

It fully observes the law on personal data and the decisions issued by the Hellenic Data Protection Authority. This way it ensures that the personal data it processes is protected.

It also implements security measures on its systems, such as modern infrastructure and cybesecurity methods, encrypted data transfer, controlled access to data, etc.

Find out all about the data security measures implemented by Tiresias.

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