Frequently asked questions about credit information
You can get a payment default entry in approximately two months from the payment's due date at the earliest. A payment default entry can only be made if you have received an appropriate payment reminder. A single debt can cause more than one payment default entry at different stages of debt collection:
- In case of a consumer loan, the creditor can report the payment default entry to the credit information register when payment of the loan is late by at least 60 days. The loan agreement must also specify that a payment default entry can be made, and a written payment reminder reminding you of the threat of a payment default entry must have been sent to you at least 21 days in advance.
- A payment default entry can be made by notification of a district court when the court has found the payment to be in default by a default judgment or final judgment, provided that the demand for payment has not been contested.
- A payment default entry can be made by notification of National Enforcement Authority Finland in the course of enforcement. For example, establishing lack of means and an impediment to limited enforcement will cause a payment default entry to be made.
- A payment default entry can be made if the Legal Register Centre notifies credit information companies of the start of debt adjustment for a private person.
A payment default entry will affect your life in many ways. Your card issuer can demand the return of your credit card because of the payment default entry. The entry may also make it more difficult for you to get a new loan, rental flat, telephone subscription or insurance. A payment default entry can make you ineligible for a job if the duties involve financial responsibilities or otherwise require special reliability from the candidate.
The personal credit information companies operating in Finland are Suomen Asiakastieto Oy and Dun&Bradstreet. Credit information companies, that is, companies that keep credit information registers, are required to inform you of the processing of your personal data. When the first payment default entry has been made for you, credit information companies must also inform you of how paying your debt will affect the storage time of the payment default entry.
You also have the right to obtain information on your payment default entries from credit information companies by exercising your right of access to your personal data. As a rule, exercising your right of access is free of charge.
Address your request for the erasure or rectification of your payment default entry to the credit information company. Please note that you need to send separate requests to every company that maintains a credit information register. At present, the credit information register keepers in Finland are Suomen Asiakastieto Oy and Dun&Bradstreet.
Specify precisely the payment default entries or other personal data stored in the credit information register that your request for erasure or rectification concerns. Also give a detailed and justified description of how the data should be rectified.
If the credit information register refuses to rectify information saved in the credit information register, it must give you a written decision to that effect. The decision must indicate the grounds for refusing your request. Once you have received the decision, you can refer the matter to the Office of the Data Protection Ombudsman. Your request to the Office of the Data Protection Ombudsman should also include a precise description of the data which your request concerned, how the data should be changed and the grounds for the changes you are requesting.
Payment default entries are typically kept in the credit information register for 2–3 years. However, the most common payment default entries will be erased from the register earlier if you pay off the debt on which the entry was based. In such cases, the payment default entry will be erased within one month of the credit information company being informed of the payment of your debt. A new payment default entry will not extend the storage time of previous ones. Every payment default entry has its own, independent storage time.
You typically need to actively inform the credit information register of the payment of your debt:
- When you have paid your receivable in enforcement, National Enforcement Authority Finland will notify the credit information companies of the payment upon your request. In other words, you must ask National Enforcement Authority Finland to inform the credit information companies that your debt has been paid.
- You may also personally request the credit information companies to record the payment in the credit information register. If you do, you must present reliable proof of payment to the credit information company. Please note that you will need to present the request and proof of payment to both credit information companies (Suomen Asiakastieto Oy and Bisnode Finland Oy) separately.
- If the payment default entry is based on the creditor's notification, the creditor must inform the credit information companies of the payment of your debt. In that case, you will not have to specifically request your creditor to notify the credit information companies that your debt has been paid.
Positive Credit Register
The Positive Credit Register will compile the information on all loans and income of private individuals. When a private individual applies for a loan, the lender can request the applicant's details from the Positive Credit Register to assess the applicant's credit rating and verify that their details are up to date. The Act on the Positive Credit Register (739/2022) lays down detailed provisions on the data to be collected into the positive credit register and on the conditions for disclosing the data to lenders.
The Positive Credit Register was rolled out on 1 April 2024. The Positive Credit Register is maintained by the Finnish Tax Administration's Incomes Register Unit.
A private individual can view their own credit information in the Positive Credit Register's electronic service.
The Finnish Tax Administration's Incomes Register Unit has compiled an extensive information package on the Positive Credit Register on its website. The website provides instructions for filing requests to the Incomes Register Unit for exercising the rights of the data subject and, for example, request access to the data stored on you.
If you notice an error in your credit information, you can contact the Finnish Tax Administration's Incomes Register Unit. According to the Incomes Register Unit's guidelines, data subjects should directly contact the lender that has reported the inaccurate credit information to the register.
Specify the data that you want to have rectified in as much detail as possible in your request. Also give a detailed description of how the data should be changed and the justifications for the changes you are requesting.
The processing of credit information in the Positive Credit Register is based on a statutory obligation. Therefore, you cannot prohibit the processing of your data in the Positive Credit Register in most cases. Nor can data stored in the register on a statutory basis usually be erased.
If the Incomes Register Unit is unable to comply with your request, it must give you the reason for it. If you are dissatisfied with the Incomes Register Unit's answer, you can refer it to the Office of the Data Protection Ombudsman for processing. In your message to the Office of the Data Protection Ombudsman, also give a detailed description of the data your request concerned, how the data should be changed, and the justifications for the changes you are requesting.
The Finnish Tax Administration's Incomes Register unit has compiled an extensive information package on the positive credit register on its website. The website also provides instructions for filing a request to the Incomes Register Unit regarding your rights as a data subject (e.g. for the rectification of your data).