Cyprus’ new credit scoring system reached two months of operation today, with 986 individuals and legal entities having accessed their data, according to Artemis Credit Bureau general manager Yiannis Tomasides.

The Credit Score system began producing creditworthiness scores on July 15, 2026, as part of the upgrading of the Artemis Data Exchange Mechanism.

Speaking to the Cyprus News Agency (CNA), Tomasides expressed satisfaction with the successful implementation and operation of the project, which was introduced in Cyprus by Artemis Credit Bureau.

“The project constitutes an important infrastructure project for the financial sector and the Cypriot economy in general,” Tomasides said.

He explained that a Credit Score is a numerical value assigned to a borrower based on information derived from their credit behaviour and held in a relevant database.

In Cyprus, this information is held within the Artemis Data Exchange Mechanism.

The score is intended to place a borrower on a creditworthiness rating scale and determine the probability that they will default on their financial obligations over the following 12 months.

Tomasides said the project was the result of co-operation between competent authorities and Artemis Credit Bureau as its implementing body.

The Ministry of Finance, the Central Bank of Cyprus and the Office of the Commissioner for Personal Data Protection prepared the necessary legislative and regulatory framework for the system.

The Credit Score is available to participants in the Artemis Data Exchange Mechanism, including banks, credit servicers and leasing companies.

Borrowers themselves can also access their Credit Score by contacting Artemis Credit Bureau’s public service office.

“Credit scoring has generally been shown to contribute to protecting borrowers from over-indebtedness, as it helps with a better assessment of their creditworthiness,” Tomasides said.

A supporting, not decisive, role

Tomasides stressed that despite its importance, the Credit Score has a purely supporting role for the financial institutions that receive it.

The assessment of the score is carried out exclusively by the relevant institution, he said.

A borrower’s Credit Score is assessed alongside other information held internally by the financial institution when determining their creditworthiness and ability to repay.

“Based on this overall information and within the framework of its risk management policy, the credit institution ultimately makes the decision on a credit facility,” Tomasides said.

The score assigned to an individual borrower therefore does not, by itself, determine whether credit will be granted.

“Artemis, through its Credit Score, does not decide on behalf of the credit institution on a credit facility,” Tomasides said.

He explained that the Credit Score forms an integral part of the Credit Report, which sets out the borrower’s credit obligations.

For transparency purposes, the score is accompanied by the three main factors that determine its calculation, which can be linked to information contained in the borrower’s Credit Report.

The Credit Score is produced for primary borrowers who are either individuals or legal entities.

A person who acts solely as a guarantor for credit facilities granted to third parties does not receive a Credit Score.

“If, therefore, someone is only a guarantor for credit facilities of third parties, they do not have a Credit Score because the Credit Score relates exclusively to the credit behaviour of the borrower themselves,” Tomasides said.

He added that guarantees provided for third parties nevertheless form part of a borrower’s overall credit exposure.

Data protection

Tomasides said particular emphasis had been placed on protecting citizens’ personal data when the framework was being prepared.

The system was developed in full compliance with the General Data Protection Regulation, or GDPR.

Artemis Credit Bureau carried out the technical implementation with the assistance of international experts who had experience with similar national data exchange mechanisms.

Credit scoring has existed for many years in numerous developed economies, he said, because of the tangible benefits it can provide to financial institutions, borrowers, supervisory authorities and economies more broadly.

“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 Recovery and Resilience Plan of the Republic of Cyprus,” Tomasides said.

Expected economic benefits

Tomasides said the benefits expected from the operation of credit scoring would be “multiple and multi-level”.

At an economic level, international experience showed that credit scoring could improve the quality of financial transactions and reduce credit risk within the financial system.

“It contributes to the soundness of financial transactions and the reduction of credit risk in the financial system and for this reason strengthens the financial stability of a country,” he said.

For credit institutions, the system is expected to improve the process of assessing creditworthiness of both potential and existing borrowers.

Tomasides said this would give financial institutions an additional tool when assessing borrowers alongside the information they already hold.

For borrowers, meanwhile, the existence of a Credit Score gives them greater awareness of their own credit profile and creditworthiness.

“It helps the borrower themselves to know their credit profile and creditworthiness and to demonstrate responsible borrowing behaviour, with all the positive consequences that follow for them,” Tomasides said.

The introduction of the system therefore represents a further development of Cyprus’ credit information infrastructure, while giving lenders an additional means of assessing credit risk and borrowers greater visibility over their own financial profile.