You might have missed this, but there’s a new “Positive Credit Register” in Finland. It came into service on April 1st, 2024, and if you’re living in Finland, you’re already in it.
What is the Positive Credit Register in Finland
The Positive Credit Register in Finland is a platform where you can find information about your existing loans or credits, and lenders can also access this to assess the risk of granting you a loan. It’s a tool meant to increase financial transparency, and to avoid over-indebtedness.
While this Credit Register doesn’t assign you an actual (possibly daunting) number, like the credit score in the USA does, it’s not necessarily positive either if your debt levels aren’t in order.
Why you should use it
Knowledge is power, and being informed is the best way to prepare yourself to have your personal finances in order. Here you’ll see a quick glance at your existing debt levels, and if needed, you can use it as a starting point to plan your way out of debt. If you’ve been responsible with your debt, this portal can provide you with an extra piece of mind by being able to see everything is in order.
What you can do when accessing your Positive Credit Register
View your loans
Here you can see your current credits or loans, their balance and date, and different details like; when was the contract concluded, lender identifier, interest rate and how it is determined, and if your loan has had any delayed amounts.
View the guarantees you have provided
If you have also provided a guarantee for other people, you’ll find a list of these in the platform. Information here may be limited, as it relies on what lenders report to the register.
Check the credit register extracts
Here you’ll find the lenders or credit providers that have requested to see your credit register extract. Any time you apply for a new loan or credit, the lender must request your extract. These extracts are stored for 5 years.
Something interesting to keep in mind, is that these extracts are sort of a screenshot of your financial situation when they’re requested, and lenders don’t get automatic updates when/if your situation changes.
We can’t really know what it is exactly that lenders will be able to see, as Vero only states that:
“Lenders will not be sent all the information about you recorded in the register but only a compilation of relevant data.”
Voluntary ban on credits
If you suspect you are (or may soon become) the victim of identity theft, or think that you can’t trust your future self, you can set a voluntary ban on credits for yourself.
Its name gives the impression that this will effectively block any new loans to your name, but according to the website, lenders will see this ban more as a warning and still have the power to grant you a loan.
“If you have set a ban on credits, lenders will have to consider the grant of a loan even more carefully than usual.”
While this sounds like something very definitive, it seems to be a very flexible process that allows for either an indefinite or fixed period, and you can change this or remove it altogether at any time. More important seems to be the consideration on data sharing, that will become available to credit information companies.
You can remove your consent to share this data on a voluntary ban, and it will be updated to credit information companies once a day. However, it’s not very clear if there’s a long-term record of these bans, and if they have a chance to affect your chances for a loan in the future, even after being removed.
How to access it
To login to the e-service, you’ll need Finnish access codes for strong authentication, e.g. authentication through your bank application:
https://www.vero.fi/en/positivecreditregister/sign-in
If you need help managing debt
There are several places in Finland where you can get free and confidential assistance to manage debt. A good place to start is visiting one of the 74 Financial and Debt Counseling instances in the country. A map and addresses can be found here:
You can also ask questions directly in an online chat, without the need to log in, although it’s only available on Wednesdays between 10am-12pm:
https://oikeus.fi/talousjavelkaneuvonta/en/index/unnamed1/contactus_1/e-services.html
In Finland, creditors can start a legal process to collect debts. For that, they’ll involve the National Enforcement Authority and ultimately, they may be able to tap directly into your salary or other sources of income to recoup their money. To learn about how debt enforcement works in Finland, head to:
https://ulosottolaitos.fi/en/index/informationonenforcement/informationfordebtors.html#
Other resources
The initiative is documented in Finnish here:
https://www.eduskunta.fi/FI/vaski/KasittelytiedotValtiopaivaasia/Sivut/HE_22+2022.aspx
An easier-to-digest official explanation is provided in English here:
https://www.vero.fi/en/positivecreditregister/information-about-the-register