Have you encountered difficulties in accessing a bank loan? Here’s why:

When you want to access a loan, banking institutions have the possibility to study your loan history, arrears or late payments.
Thus, if you are more than 30 days late with your instalments, the bank where you took out the loan will notify you of this delay and will also send this information to the Credit Bureau.
When you want to take out a new loan, the bank you apply to will check your history, i.e. whether you have been late with payments in the past. This possibility is facilitated by the Credit Bureau.

 

 

The credit bureau is therefore an entity that collects and stores information about people’s credit history. It acts as a common information platform that banks can consult to see how many loans people have outstanding and how they have repaid them.
If a person is registered with the Credit Bureau with late repayments they may have difficulty in obtaining credit. Late payments must exceed 30 calendar days to be reported.
Even if you have paid your overdue payments in the meantime, the recorded data is kept for 4 years. The 4-year period starts from the date on which the last arrears, including penalties, were paid.

 

After the 4-year period has elapsed, the Credit Bureau can be asked to delete the registered data.
There are other situations that could lead to deletion from the Credit Bureau’s database:
– Deletion on the grounds of a material error (the bank submitted incorrect identification data);
– The data was processed in breach of the law;
– The deletion of the data was omitted, although the 4-year term had passed and the credit had been paid off.

Any person wishing to access a credit may request communication of the registration status, either directly or via the bank.

 

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Nartea - 2020