About credit default entries
Credit report refers to data about a person’s or company's solvency or willingness to pay or that otherwise describe the person's or company’s ability to attend to their liabilities. The data are used when granting or supervising credit. Suomen Asiakastieto Oy maintains the credit information register. In addition, Bisnode Finland Oy maintains the Soliditet personal credit information register.
Checking your credit report
You can check your own credit report for free once per 12 months, see instructions on companies’ websites. If you check your data more than once per 12 months, you will be charged €10 for each time you check your credit report. You cannot check your credit history over the phone or by email, since the credit data company must be sure about your identity.
You can check your credit report online using your bank identifiers at Suomen Asiakastieto Oy’s Omatieto website. You will be charged for the check. At the website, you can also set your own credit ban if you have lost, for instance, your ID card, pass or driver's license, or if you suspect that somebody is using your personal data wrongly for applying for credit or for making credit-card purchases. When you wish, you can also remove your own credit ban.
No entries will be made without informing you. The credit report company will inform you of the first entry and, at the same time, tell you how long the entry will be kept in the register.
Expired debts will be removed from the default entry register
It is possible to remove a default entry when private receivables have finally expired. The starting point is that the entry is removed at the debtor’s request. Nevertheless, to facilitate the matter, Ulosottolaitos has provided credit data companies with information about all informed lack of assets, which include only receivables finally expired before April 1, 2010.
Not everybody will be free of default entries entirely, because they may have had other receivables in recovery proceedings to which the reform does not apply. In practice, the reform only applies to verdicts given 15 years ago. The reform does not directly apply to receivables that can be included in recovery proceedings, such as taxes that will expire in five years, and other receivables, such as fines and maintenance payments that will expire in a shorter period. Their default entries will remain for the time stipulated by legislation, even if the receivable were expired.
If the debtor has no other lack of assets information arising from other debts, the entries will be removed based on the bailiff’s centralized announcement. If the debtor's lack of assets announcement has included other receivables than those expired private receivables meant in the legal amendment, the debtor has to him/herself present an account of expiry of receivables to the credit data companies. This is because the announcements have not earlier itemized the different debts that have been included in the recovery proceedings’ lack of assets. In the future, the announcements will be case-specific. An account of debts included in an old lack of assets can be received from the local bailiff’s office, when required.
Registering a consumer credit default entry
Default entries announced by a creditor can be announced to the controller and entered in the credit information register, if a payment has been delayed for at least 60 days as counted from the original deadline, and if the debtor and creditor have not made a new payment agreement after the original deadline. In addition, to be able to inform and enter default entries:
- the neglected consumer credit has had a notification of giving any default entries to the controller of the credit information register
- the creditor has sent the debtor a written payment request at least 21 days before delivering the information; the payment request must have reminded the debtor of announcing default entries and entering them in the credit information register.
Duration of register entry
Default entries entered in the credit information register will be removed from the register as follows:
- bankruptcy-related data within five years as of the beginning of the bankruptcy; the data must, however, be removed within a month from the time data related to the matter have been removed from the bankruptcy or company reorganization register, because the bankruptcy application has been rejected or left unanalyzed or because the bankruptcy has been ordered to be canceled;
- debt rescheduling data and information data: see the registration times under the link “Luottotietomerkinnät ja tallennusajat.” Debt rescheduling data and information data usually within a month when the corresponding entries have been removed from the appropriate authority's register; debt rescheduling data whose payment program has been ordered to be aborted at the debtor's request will be removed within three months from the time the debtor verifies that the payment program has been aborted
- recovery proceedings data immediately when the bailiff has filed a cancelation notification that applies to long-term or unfounded recovery proceedings (20.11.2009/933)
- other recovery proceedings data immediately when the controller has received information that the grounds for recovery proceedings have been repealed, the debtor has paid the debt in small-scale recovery proceedings, the deadline related to the grounds for the recovery proceedings has expired, or a court order with which the deadline has been prolonged has been repealed;
- data on default entry announced by the creditor and acknowledged by the debtor within two years of entering the data in the register;
- default entry data and recovery proceedings data acknowledged by an authority at the latest within three years of entering the data in the register, unless the data must not be removed based on points 3 or 4.
For a more in-depth listing, go to Suomen asiakastieto Oy's tiedosto.
Paying back the debt will shorten the registration time. If a debtor in the register pays back, for example, debt meant in point 6, the registration entry must be removed from the credit information register within two years of entering it. If, however, a debtor gets a new default entry into the register during the validity of a previous entry, even the earlier default entry can be kept in the register for four years.
Own credit ban entry
If you feel that you cannot otherwise fight the temptations of consumer credits, you can request your own credit ban entry that is not a default entry. Its duration is two years at a time.
Long-term recovery proceedings entered into credit information register
The scope and credibility of credit reports are improved by entering long-term recovery proceedings into the credit information register. Recovery proceedings are deemed to be long-term when they have continued at least 18 months within a period of two years. Long-term recovery proceedings only apply to regular income such as wage or pension.
Special provision applied to minors
Only recovery proceeding data that have been delivered from the recovery proceeding register can be entered as a minor’s default entry in the credit information register.
Regulations for handling an employee’s credit report
Regulations for using personal credit reports are included in the Act on Privacy in Employment (511/2008). According to the regulations, an employer has the right to gain and use the personal credit report in order to assess the reliability of a chosen applicant, when the applicant’s tasks require special reliability. The employer has the same right when an employee's tasks change in such a way that they require special reliability.
For more information on employees’ rights to access employers’ credit reports, go to: Suomen Asiakastieto Oy:n website.