A Fresh Start: Finland Launches New Credit Registry

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The Positive credit register and the e-service for private individuals were opened in Finland on Monday creating opportunity for the lenders to make a better assessment of the person’s ability to pay back the loan.

Lenders, such as banks, will make use of the Positive credit register’s data when making credit decisions, said an official press release.

Lenders have been reporting their loans to the register since the beginning of February and now they will also start making use of the register's data when making credit decisions.

The data content of the Positive credit register is comprehensive. The euro amount of loans reported to the register has exceeded the total amount estimated by the Bank of Finland (143 billion euros), although some lenders have not yet even started to report their loan data. There may be multiple reasons for this, one of them being, that loans that are not included in the Bank of Finland's statistics are reported to the register.

“If you do not see all your loans in the e-service, it may be because the lender in question has not yet reported all their loan data to the register. If you notice that data on your loans is missing, please wait. Lenders are continuously updating the data to the register. There is no need for you to contact the Positive credit register or the Tax Administration about the missing data,” said Aino Sarakorpi, Project Director.

When a person applies for a new loan, lenders check the person's loans in the register and can thereby make a better assessment of the person’s ability to pay back the loan.

The aim of the register is to prevent over-indebtedness and provide lenders with increasingly up-to-date data to support their credit decisions.

For private individuals, the register gives a view to their own loans, and so they get a better overall picture of their personal finances. The register contains, for example, private individuals’ consumer credits, home loans and student loans, and credit balances of credit cards.

“As a rule, private individuals do not need to do anything when the register opens. However, they can access the e-service and view their own loans. Individuals can also set a voluntary ban on credits for themselves, even if some loan data is still missing,’ said Sarakorpi.

People will not automatically see a credit register extract in the e-service for private individuals. An extract is only generated when a person applies for a new loan or a change to their existing loan contract.

“The customer sees their own credit register extract only if a lender has requested an extract about the customer’s loan data. The register also shows the name of the lender that requested the credit register extract, and when and for what purpose it was requested,” Sarakorpi added.

Law prescribes who may use the register’s data and what data can be collected in the register. The register shows loans granted to individuals and information about such loans' delayed amounts, but not, for example, individual credit card payments.

Further, the register does not show any payment defaults, the customer's hire-purchase payments, or recovery by enforcement, for example.

Source: www.dailyfinland.fi

13 Comments
  1. EmilyJohnson says

    Positive credit register opening in Finland is a significant step towards transparency in lending practices. It provides lenders with a valuable tool to assess borrowers’ creditworthiness accurately. This initiative will undoubtedly benefit both borrowers and lenders in making informed financial decisions.

  2. Alexis Johnson says

    Will the launch of the new credit registry in Finland affect the interest rates for loans offered to individuals?

    1. Megan Brown says

      Yes, the launch of the new credit registry in Finland is likely to impact the interest rates for loans offered to individuals. With lenders having access to more comprehensive data through the Positive credit register, they will be able to make more informed credit decisions, which could potentially lead to better interest rates for borrowers with positive credit histories. It’s a step towards promoting responsible lending practices and financial well-being for individuals seeking loans.

  3. Alice Thompson says

    As a Finnish citizen, I believe that the launch of the new Positive credit register and e-service is a step in the right direction. It will provide lenders with more accurate information for assessing an individual’s creditworthiness, ultimately benefiting both lenders and borrowers. The comprehensive data content and the continuous updating process ensure transparency and reliability. Kudos to the team behind this initiative for improving the financial system in Finland!

  4. AliceJohnson123 says

    Isn’t it crucial for consumers to have access to all their loan information in the credit registry?

    1. MarkSmith84 says

      Yes, AliceJohnson123, it is indeed crucial for consumers to have access to all their loan information in the credit registry. Transparency and access to comprehensive loan data empower individuals to make informed financial decisions and ensure fair assessment of their creditworthiness by lenders.

  5. EmilyJones says

    It’s great to see Finland embracing technology to improve the credit assessment process. The Positive credit register seems like a step in the right direction to ensure financial security. Hopefully, this will lead to more responsible lending practices and better financial outcomes for individuals. Kudos to the authorities for initiating such a positive change!

  6. Emily Johnson says

    It’s great to see Finland taking steps towards financial transparency with the launch of the Positive credit register. It will certainly help lenders make more informed decisions and provide individuals with better access to credit. Aino Sarakorpi’s advice to wait for lenders to update missing data is reassuring, ensuring a smoother process for loan applicants.

  7. Ava Smith says

    It’s great to see Finland taking steps towards better financial transparency and helping lenders assess borrowers’ creditworthiness more accurately. A positive credit registry not only benefits lenders but also individuals seeking loans. Kudos to the initiative!

  8. Emily Jones says

    It’s great to see Finland taking steps towards providing more transparency in credit assessments. The Positive credit register seems like a promising tool to help lenders make more informed decisions. I hope this initiative leads to fairer and more accurate credit evaluations for individuals. Kudos to the team behind this new system!

  9. EmilyJohnson says

    It’s great to see Finland launching this new credit registry. The Positive credit register will surely help lenders in making more informed credit decisions. I’m impressed by the comprehensive data content and the efforts to keep it updated. Kudos to Aino Sarakorpi and the team for their project implementation!

  10. EmilyJohnson23 says

    Is the Positive credit register in Finland accessible to all individuals or just specific groups of people?

  11. EmilyJohnson says

    In my opinion, this new credit registry in Finland is a step in the right direction. It will provide lenders with more accurate information to assess individuals’ creditworthiness, ultimately leading to fairer credit decisions. Aino Sarakorpi’s advice on being patient with the data updates is reassuring, showing a commitment to transparency and efficiency in the process.

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