To be able to successfully get a loan nowadays, several conditions must be met. The main ones are that the customer does not have bad credit history, late payments or debt. Earlier, this information was only available to individual lenders individually, but on 1 January 2008 the BBL Bank’s Credit Register was launched. The decision to establish such a register was adopted at the meeting of the Cabinet of Ministers of the Republic of Latvia on March 6, 2007, supporting the Ministry of Finance’s “ Report on Development of Consumer Price Inflation and Proposals for Reduction ”. The Credit Register is the BBL Bank’s information system.
It provides information on consumers who have received credits from banks registered in the Republic of Latvia, branches of foreign banks, companies providing credit risk services and insurance companies. This information is collected, stored and stored for the purpose of providing information to the Credit Register participants, the Financial and Capital Market Commission (FCMC), the BBL Bank and the borrowers themselves (natural and legal persons).
In this Credit Register, all debtor information that was previously stored in the BBL Bank’s Debtor Register, which was in operation from 2 June 2003 to 31 December 2007, was automatically registered. Credit Register participants are all companies and companies engaged in lending services in the territory of Latvia.
This information system collects information on borrowers – borrowers and guarantors. Information about borrowers’ credit history is collected, or liabilities that are fully executed or written off at loss. Data on current liabilities of borrowers in the Republic of Latvia, outstanding loans at the end of the quarter, delays in payments and their execution for both current payments and “ historical ” or debt liabilities have also been accumulated. Information is stored for 15 years after the end of the customer’s obligations.
The BBL Bank shall keep the periodicals for 3 years when the period has ended. Any participant of the Credit Register, its trustee, representative or authorized person shall be entitled to receive the information contained in the Credit Register. This can be done by submitting a written application in paper or electronic form. The Credit Register is governed by the “ Credit Register Law ” issued on December 1, 2012, “ Credit Register Regulations ” and “ Regulations on Electronic Exchange of Information with the BBL Bank ”.