More transparency in Lithuania: no scores for companies hiding finances
Creditinfo Lithuania and state owned Centre of Registers took an joint initiative to encourage companies timely submit yearly financial statements for public registry.
Creditinfo Lithuania will no longer count credit scores for companies that didn’t provide financial statements for Centre of Registers. Instead of credit score, such companies will receive a score class of F0. That class at company’s credit report will come with a warning that company does not comply with the law on the provision of information.
Move, supported by Centre of Registers, will encourage companies to provide financial statements timely, as well as will bring more transparency in business finances and more revenues for the state.
Centre of Registers made a public press release where welcomed Creditinfo decision and noted that “risk of losing a high credit score is a higher motivation for companies to provide financial reports than threatening fines”.