The Credit Information Bureau (BIK) collects data that creates your credit history. This is information on repaid and currently repaid loans. They also have data on regularity and timeliness in paying installments. They have a huge impact on whether the bank will want to grant you another loan in the future.
The credit history contains information not only about cash or mortgage loans, but also about purchases in installments, overdrafts and credit cards. It should be remembered that being a guarantor for loans and borrowings also has an impact on your credit history.
Where does the credit history appear in BIK?
BIK receives data each time you apply for a credit product at a bank or other financial institution cooperating with BIK. They send information to the Credit Information Bureau whether you repay the loan and whether the installments are paid on time or late. These data are updated at least once a week until all installments have been repaid.
Why does BIK collect such information?
Before granting a loan, the lending institution must assess the risk involved in granting the loan. The data collected in BIK helps in this. After submitting the loan application, the bank sends a request to the Credit Information Bureau for credit history. Repayment of installments regularly and on time is information for your bank about your financial credibility. In this way, you create a positive credit history on the basis of which the bank is more willing to grant another loan.
The credit history also includes information on how many loans you currently have and on what total liabilities are repaid. These data are very important when the bank decides to grant another loan. Also remember that credit history is not the only factor taken into account when granting a loan. Earnings and your credit standing are also important.
People with a negative credit history, i.e. those who have had problems with repayment, can apply for a loan without BIK on the parabank.