A total of 986 individuals and companies have accessed their data since Cyprus introduced its Credit Score system on 15 July 2026. Artemis Credit Bureau General Manager Yiannis Tomasides said the system had been successfully implemented and was operating as intended.
The creditworthiness scoring system will complete two months of operation on Tuesday, 15 September.
How the Credit Score works
The Credit Score assigns borrowers a numerical rating based on information concerning their repayment behaviour held in the ARTEMIS Data Exchange Mechanism.
Its purpose is to place borrowers on a creditworthiness scale and estimate the likelihood that they will default on financial obligations within the next 12 months.
Tomasides described the system as a significant infrastructure project for Cyprus’ financial sector and wider economy.
The system, already used in many countries, was introduced by Artemis Credit Bureau as part of an upgrade to the ARTEMIS mechanism.
Its implementation followed cooperation between the Ministry of Finance, the Central Bank of Cyprus and the Office of the Commissioner for Personal Data Protection, which prepared the necessary legal and regulatory framework together with Artemis Credit Bureau.
Who can access the information
The Credit Score is available to participants in the ARTEMIS Data Exchange Mechanism, including banks, credit-acquiring companies and financial leasing companies.
Borrowers may also access their own score by contacting the Artemis Credit Bureau public service office.
According to Tomasides, credit scoring can help protect borrowers from excessive debt by supporting a more accurate assessment of their creditworthiness.
Score does not decide loan applications
Tomasides stressed that the Credit Score plays a supporting role and does not determine whether a borrower will receive credit.
Financial institutions assess it alongside other internal information concerning the borrower’s financial standing and creditworthiness. The final decision on any credit facility is taken by the institution under its risk-management policy.
“Artemis, through its Credit Score, does not decide on behalf of the credit institution whether a credit facility should be granted,” he said.
The score forms part of the Credit Report, which records a borrower’s credit obligations. For transparency, it is accompanied by the three main factors that shaped the rating, which can be linked to information contained in the borrower’s report.
Who receives a Credit Score
Credit Scores are produced for primary borrowers, both individuals and legal entities.
A person who is only a guarantor for another borrower’s credit facilities does not receive a Credit Score. Tomasides explained that the rating concerns only the individual’s own borrowing behaviour, although third-party guarantees still form part of a borrower’s credit report.
Particular emphasis was placed on protecting personal data and ensuring full compliance with the General Data Protection Regulation. Artemis Credit Bureau implemented the technical aspects of the project with support from international experts experienced in national data-exchange systems.
The project’s timely completion was also a milestone under Cyprus’ Recovery and Resilience Plan.
Benefits for borrowers and the economy
Tomasides said the system was expected to deliver multiple benefits across several levels.
International experience indicates that credit scoring can improve financial transactions, reduce credit risk and strengthen a country’s financial stability, he said.
For credit institutions, it supports the assessment of existing and prospective borrowers. For borrowers, it provides a clearer picture of their credit profile and creditworthiness, encouraging more responsible borrowing.
Source: CNA
