People applying for a loan in a non-bank company must be aware that after completing the loan form they will be asked to accept the list of consents, including to check them in various databases.
Thanks to such registers of information, both loan companies and banks minimize the risk of lending to unreliable persons who have not repaid their previous debt. In today’s article, we’ll focus on describing the underlying databases that lenders use to verify potential customers.
TLV – Credit Information Bureau
The Credit Information Bureau is the largest database. It accumulates credit information on borrowers. The resources of this register are used by banks, credit unions and non-bank companies. Most, as much as 90% of the information is positive. Information on the number of loan applications, loans granted and liabilities repaid appears in the TLV database.
It should be remembered that timely payment of obligations increases our credit rating, and even the slightest delay reduces it. Late payment of obligations may result in rejection of the loan application in the future. All information about delays is visible in the register for 5 years. Some non-bank companies offer loans without TLV. However, most lenders operating on the Polish market use the resources accumulated in this register.
Economic Information Office
BIG InfoMonitor is part of the TLV Group. There are both positive and negative entries in the registry. The BIG database can be found, among others for an unpaid fine or an unpaid bill. The register can already be found for a debt of USD 200 (natural person) or USD 500 (company).
Data on the unpaid liability are transferred to the BIG database 30 days after the due date. Both banks and most loan companies use the resources of this register. The database provides information on the creditworthiness of a given customer as well as his unpaid liabilities.
National Debt Register
The National Debt Register has been operating on the Polish market for over 15 years. The KRD provides information on the debt of individuals, self-employed persons, small and medium-sized enterprises, large companies, municipalities, as well as the so-called secondary creditors.
Many loan companies verify their clients in this database. As in the case of BIG InfoMonitor, you can find in the register for a debt of USD 200 (natural person) or USD 500 (company), except that at least 60 days must have elapsed from the payment date. The information is stored in the KRD database for 10 years or until the liability is repaid.
If the client settles his debt, the creditor must send information to the KRD about this event. Then the note about the outstanding liability will disappear from the register.