What are the benefits?

Through its work, Tiresias contributes towards:

  • Limiting the over-indebtedness of private citizens. By having an overall picture of the credit behaviour of a prospective borrower, through any data found in the default of financial obligations register as well as in the credit consolidation register, reflecting the timely payment of obligations such as cards, loans, etc., banks can better assess the borrower's long-term capability of repaying their loan.
  • Facilitating lending. At the international level, banks tend to be more conservative in lending when they do not have sufficient data on prospective borrowers, which leads to an increase in the percentage of rejected loan applications and/or in loan interest rates. Conversely, the lending process is facilitated when banks have the data required to adequately evaluate an applicant’s solvency and creditworthiness. Tiresias contributes to credit expansion and reintegration into the financing process, due to the fact that with accurate and complete information, the possibility of identifying prospective borrowers with the ability to pay off their obligations is enhanced. 
  • Reducing cost of lending. With more information the over-indebtedness and borrowers who cannot pay off their financial obligations are confined, thus reducing the burden for consistent borrowers. 
  • Enhancing the security of commercial transactions and increasing market confidence, through the Tiresias Risk Control System (TSEK), helping protect entrepreneurs from transactions that entail risk for the enterprises.
  • Protecting citizens from possible fraud against them, through the register of lost/stolen identity cards and passports.

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