Satisfaction with the successful implementation and operation of the borrower credit rating project for the financial sector—also known as the Credit Score— in Cyprus, as stated by Yiannis Tomasides, General Manager of Artemis Credit Bureau, in remarks to CNA on the occasion of the project’s two-month anniversary this coming Tuesday, September 15, the project will have been operational for two months.
At the same time, Mr. Thomasides said that since July 15, 2026, when the credit scoring system went live, a total of 986 individuals and legal entities have exercised their right to access their data in the Mechanism’s Registry.
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It should be noted that this innovation, which already exists abroad, was implemented in Cyprus by the Cypriot credit bureau, Artemis Credit Bureau, as part of the upgrade of the ARTEMIS Data Exchange Mechanism.
Mr. Tomasidis stated that the implementation of the Project was the result of cooperation among the competent authorities, specifically the Ministry of Finance, the Central Bank of Cyprus, and the Office of the Commissioner for the Protection of Personal Data, which prepared the necessary legislative and regulatory framework, along with Artemis Credit Bureau, as the implementing body.
Specifically, the CEO of Artemis Credit Bureau explained that a credit score is the numerical value assigned to a borrower, based on information derived from their credit behavior data stored in a relevant database—in the case of Cyprus, the ARTEMIS Data Exchange Mechanism.
He added that the purpose is to classify the borrower on a creditworthiness rating scale and to determine the likelihood of default on their financial obligations within the next 12 months.
“The Project is a significant infrastructure initiative for the financial sector and the Cypriot economy in general,” he emphasized.
When asked about the recipients of the Credit Score information, Mr. Tomassides noted that the Credit Score is available to participants in the ARTEMIS Data Exchange Mechanism, namely banks, credit managers, and leasing companies.
At the same time, he noted that borrowers themselves can access their Credit Score by contacting the Artemis Credit Bureau’s Customer Service Office.
“In general, credit scoring has proven to help protect borrowers from excessive borrowing, as it contributes to a better assessment of their creditworthiness,” he emphasized.
The Supplementary Role of the Credit Score
Furthermore, Mr. Tomazidis clarified that, despite its importance, the credit score plays a purely supplementary role for the financial institutions that use it, since the credit score assessment is conducted exclusively by the institution itself.
Specifically, he noted that the borrower’s credit score is-is evaluated alongside the other data held internally by the credit institution to assess the borrower’s creditworthiness and credit capacity.
“Based on this comprehensive information and within the framework of its Risk Management Policy, the credit institution ultimately makes the decision regarding a credit facility,” he added.
Therefore, he continued, this specific rating, in each individual case, does not in and of itself determine whether or not credit will be granted to the borrower.
“Artemis, through its Credit Score, does not decide on behalf of the credit institution whether to grant credit,” clarified Mr. Tomasidis.
The CEO of Artemis Credit Bureau explained that the Credit Score is an integral part of the Credit Report, which reflects the borrower’s credit obligations.
He added that, in the interest of transparency, the Credit Score is accompanied by the three main factors that determine it, which can be correlated with the borrower’s data in their Credit Report.
He also noted that the Credit Score is generated for first-time borrowers, both individuals and legal entities.
“In other words, someone is merely a guarantor for third-party credit facilities, they do not have a credit score, and the reason is that the credit score pertains exclusively to the creditworthiness of the borrower themselves, even though, as is well known, generally, guarantees provided to third parties are part of the borrower’s credit report,” he explained.
Furthermore, he noted that during the preparation of the framework, particular emphasis was placed on protecting citizens’ personal data in full compliance with the General Data Protection Regulation (GDPR), and noted that Artemis Credit Bureau carried out the technical implementation of the project with the assistance of international experts experienced in similar national data-sharing mechanisms.
As he noted, credit scoring has been in use abroad in many developed economies for many years, as it offers tangible benefits for credit institutions, borrowers, supervisory authorities, and the economy itself.
“The importance of introducing credit scoring for the Cypriot economy is demonstrated by the fact that the timely implementation of the project was a milestone in the Cypriot State’s Recovery and Resilience Plan,” he added.
Benefits of the Credit Scoring System
Regarding the benefits of the Credit Scoring system, Mr. Tomasidis told CNA that they are expected to be “multifaceted and multi-layered.”
Regarding the benefits to the economy, the CEO of Artemis Credit Bureau said that international experience shows that credit scoring “contributes to the soundness of financial transactions and the reduction of credit risk in the financial system, and for this reason strengthens a country’s financial stability.”
Referring to the benefits for credit institutions, he said that the implementation of credit scoring helps improve the process by which credit institutions assess the creditworthiness of potential and existing borrowers.
Finally, regarding the benefits for borrowers, Mr. Tomasidis said that the existence of credit scoring “helps the borrower himself understand his credit profile and creditworthiness and to demonstrate responsible borrowing behavior, with all the positive consequences for them.”
