The Legal Framework of Credit Information Systems: A Comparative Approach of the Albanian Context Within the EU Perspective

Abstract

In this paper I shall endeavour to analyse the current legal framework applied to the Albanian credit information system, as well as the practical information and raison d’être behind such an institution. It is only to be expected that this particular analysis covers similar institutions in EU member states with a view to present a broad comparative examination of the positioning of the Albanian credit information system. It is worth pointing out that in this article I put forward the proposition that in several cases the law itself is not sufficient to properly regulate the field and accordingly detailed sub-legal acts might be indispensable to be implemented to strike a balance between consumer concerns, institutional guarantees, and the needs of the credit industry at large for such systems and their related operations. It is important to note that the paper would also further analyse the Albanian bylaws (also in light of European Union (EU) acquis) that have been enacted and related industry specific legislation, with a view to evaluate and explore its regulatory model and how it supports a well functioning credit information system that offers both protection to consumers as well as functionality to the credit market at large.