Credit reporting is a critical part of the financial system in most developedeconomies but is often weak or absent in developing countries. It addresses a fundamental problem ofcredit markets: asymmetric information between borrowers and lenders that can lead to adverseselection and moral hazard. The heart of a credit report is the record it provides of anindividual's or a firm's payment history, which enables lenders to evaluate credit risk moreaccurately and lower loan processing time and costs. Credit reports also strengthen borrowerdiscipline, since nonpayment with one institution results in sanctions with others.This bookprovides the first comprehensive review of credit reporting systems worldwide and documents therapid growth in the industry. It offers empirical and theoretical evidence of the impact of creditreporting on financial markets, using examples from both developed and developing economies. Creditreporting, 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 thedevelopment of credit reporting initiatives, including the role of public credit registries managedby central banks; and the role of legal, regulatory, and institutional factors in supporting creditreporting.
Margaret J. Miller is Senior Economist at the World Bank.
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