Credit Information Bureau – how does it work and who collects information about?
The Credit Information Bureau is an ideal instrument for checking the credit history, payment reliability and timeliness of a potential borrower. It is used by both financial institutions and non-bank companies granting payday loans. The Credit Information Bureau is an institution that stores data on current and past liabilities.
The information collected about you by the Credit Information Bureau is one of the most important factors that a financial institution will take into account when considering your loan or loan application. Therefore, if you intend to look for financial support in a bank or loan company, start by learning about the essence of BIK’s activity.
What is the Credit Information Bureau?
What specific data does it store and with whom does it share it? Does any delay in payment adversely affect the assessment of the application?
Can you delete awkward entries about yourself? What is BIK scoring? How do you gain access to your own credit history? Here is a comprehensive guide in which you will find everything you need to know about the Credit Information Bureau.
What is the Credit Information Bureau and what are its tasks?
In 1997, the banks formed an institution with the Polish Bank Association. Its role was to be to collect and store information on the credit obligations of individual customers and entrepreneurs. Since then, the essence of the activity and the scope of tasks of BIK, because of course we are talking about it, have not changed significantly.
Its primary purpose is to collect notifications from banks and non-bank institutions regarding liabilities incurred by their clients. BIK organizes the acquired information and collates it into a credit history.
He uses them later, e.g. to calculate the score of individual clients (so-called BIK scoring). This type of data is made available at the request of banks and non-bank institutions. Thanks to them, the credibility of potential borrowers and borrowers is verified.
What exactly information does the Credit Information Bureau store and make available?
The Credit Information Bureau deals only with information related to credit and loan obligations. For example, if you finance the purchase of an apartment with a loan, buy a TV installment, or guarantee repayment of someone’s loan, then BIK will collect information on the repayment date.
Who is in the BIK database?
BIK only stores information about persons who have used the financing of banks, credit unions or loan companies or applied for the products of such institutions, but did not use them. His database contains information on the borrowers themselves as well as the obligations repaid and repaid by them.
Each registered commitment indicates, among others, the name of the entity lending funds, the amount of financing, the amount of installments or messages about possible delays in payment (with accuracy to the day).