The European Experience Of Credit Information Sharing System

Credit information sharing is about collection and the use of credit information which is of economic value, it is also the microcosmic and specific financial legal system. Information sharing can have important effects on overcoming the information asymmetry and maintaining financial law. The European countries had experience in sharing the credit information, however, they also encountered several problems. First, credit information model is not mature. Second, credit information had a weak incentive structure. Third, the system lack of quality control. Finally, there are conflicts between privacy protection and information circulation. Therefore, the EU practice a series of reforms, like building up the mixed sharing mode; exploring the e-information value-added; improving its information quality and security. The European expects to improve credit information sharing regulatory framework through the legal practice. In fact, these practice aims to promote the sharing system and ensure the security of personal information. With the lessons of European experience, we can perfect our country’s credit information law system. Such as building regulatory law of information disclosure and information protection, establishing a unified credit standard and directory, improving the government regulation and self-regulation system and etc.