SMFSC Proposes Reforms to Improve Credit Data Accuracy

The San Marino Financial Standard Council (SMFSC) has today announced a series of proposals to improve the operation and accuracy of the credit information market, ensuring that individuals’ credit files more accurately reflect their true financial circumstances.

The reforms are designed to create a fairer, more transparent, and better-functioning credit information system, supporting both consumers and lenders in making well-informed financial decisions.

“Access to accurate, up-to-date credit information is essential for financial inclusion and responsible lending,” the SMFSC said.
“Our proposals will help ensure that credit data represents people’s real situations, not outdated or incomplete records.”

Improving Accuracy and Fairness in Credit Reporting

Under the proposals, SMFSC will work with credit reference agencies, lenders, and data providers to introduce stronger standards for data quality, reporting timeliness, and dispute resolution.
The key measures under consideration include:

• Standardised data-sharing protocols to ensure consistent reporting across all credit institutions.
  
• Faster correction mechanisms when inaccurate or incomplete information is identified.
  
• Enhanced transparency obligations, allowing consumers easier access to view and challenge their credit data.
  
• Regular independent audits of credit data accuracy and governance.
  

The Council emphasised that the changes will help people recover faster from temporary financial difficulties and reduce the risk of credit decisions being based on outdated or unfair information.

Supporting Consumers and Strengthening Market Confidence

SMFSC stated that improving the credit information system will benefit both individuals and the wider financial sector.
For consumers, it means greater fairness and confidence in how credit decisions are made.
For lenders, it will lead to better risk assessments, improved lending decisions, and reduced default rates.

The Council also intends to encourage innovation in credit analytics, supporting alternative data models that can expand financial access for small businesses and individuals with limited credit history — provided such innovations remain transparent and compliant with data protection standards.

“A modern credit system must reward responsibility and reflect real progress,” the SMFSC added.
“Our goal is to build a credit ecosystem that supports financial wellbeing and trust.”

Consultation and Implementation

The SMFSC will open a public consultation on the proposed reforms later this year, inviting feedback from credit reference agencies, banks, consumer groups, and technology providers.
The consultation will focus on data accuracy standards, consumer redress procedures, and oversight mechanisms.

Following the consultation, the Council plans to publish its final framework in mid-2026, alongside guidance to help credit providers transition smoothly to the new requirements.

Building a Fairer and More Reliable Credit Market

These proposals form part of SMFSC’s broader mission to promote financial fairness, consumer protection, and market transparency in San Marino’s financial system.
By ensuring that credit data better reflects real financial behaviour, the Council aims to foster responsible borrowing and lending practices that contribute to long-term economic stability.

“Credit information should empower, not disadvantage, individuals,” SMFSC concluded.
“Through these improvements, we are helping people and businesses build stronger financial futures based on accuracy, fairness, and accountability.”