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What is the Positive credit register?          

The Positive credit register contains information about loans issued to individuals. The information recorded in the register gives the lender a comprehensive up-to-date view of the loan applicant’s income and loans. This helps the lender to assess the applicant’s creditworthiness. The register is defined by the act on the Positive credit register. According to the act, the Finnish Tax Administration’s Incomes Register Unit acts as the controller.

Act on the Positive credit register (Laki positiivisesta luottotietorekisteristä 739/2022) (finlex.fi) (link to Finnish)

 

The register’s operating principle

Lenders report information on the loans they issue and on any changes and payment transactions related to the loans to the register. The changes include, for example, amortizations, changes to loan contracts and delayed amounts. Reporting loan information to the Positive credit register is mandatory, and the information is submitted through APIs provided by the register. The information on new loans must be reported no later than the day following the date of contract conclusion, and the information on changes to credit information must be submitted within two working days. Delayed amounts are reported to the register when the payment is 60 days late.

When a private individual applies for a loan, the lender is obliged to test the applicant’s creditworthiness. For this purpose, the lender requests a credit register extract from the Positive credit register. The extract contains up-to-date information on the applicant’s loan contracts recorded in the register and on the applicant’s income. The credit register extract is subject to a charge payable by the lender. Read more about the content of the credit register extract.

Private individuals can view their loan information in the register’s e-service. In addition, they can set a voluntary ban on credits to themselves free of charge.

 

The register will be rolled out in two stages

In the first stage, lenders will submit information on consumer credits and comparable loans to the register.

  • They can start reporting the information on 1 February 2024.
  • Credit register extracts will be available for use as of 1 April 2024.

In the second stage, lenders start reporting loans other than consumer credits granted to private individuals. Such loans include, for example, loans that self-employed individuals take out for business purposes.

  • This information can be reported as of 1 December 2025.
  • Credit register extracts will be available for use as of 1 April 2026.

 

Lenders with reporting obligation

According to the act on the Positive credit register, the following enterprises are obliged to report data to the register in the first stage:

  • enterprises under the supervision of the Financial Supervisory Authority (FIN-FSA):
    • parties on the FIN-FSA’s list of supervised entities
    • Finnish branches of foreign credit and financial institutions of EEA countries
    • foreign credit and financial institutions on FIN-FSA’s list of notifications that are subject to supervision and provide services to Finland but do not have a Finnish branch
  • lenders and peer-to-peer loan brokers recorded in the register of lenders and peer-to-peer loan brokers maintained by the Regional State Administrative Agency for Southern Finland
  • other enterprises to whom the rights arising from a reported loan contract are transferred (reassignees, such as debt collection agencies that buy debts).

In addition, Kela will report guarantee receivables for student loans to the register.

 

What information will be reported to the Positive credit register?

Lenders must send the Positive credit register information on loans issued to private individuals who have a Finnish personal identity code and a place of residence in Finland at the time the loan is granted. Loans issued to individuals living in another country may be reported to the register if the person has a Finnish personal identity code and, in addition, receives income from Finland or has another special bond to Finland. The interpretation of whether the person has a special bond to Finland is made by the lender. The person’s age is irrelevant, so information on loans issued to minors will also be submitted to the register.

In the first stage, the lenders report data on consumer credits and comparable loans to the register. Peer-to-peer loan brokers report information on loans they broker to consumers. In addition, Kela reports guarantee receivables for student loans.

Consumer credits mean loans laid down in chapter 7 or 7a of the Consumer Protection Act (38/1978). According to the Consumer Protection Act, the term ‘consumer credit’ means a credit which an enterprise, by agreement, grants or promises to grant to a consumer as a loan, deferred payment or another corresponding financial arrangement.

Loans comparable to consumer credits refer to leases or other such contracts by which goods are transferred to a consumer’s control and according to the terms and conditions of which the cash price and loan expenses will be paid during the lease period or the consumer can otherwise become the owner of the goods at the end of the contract. In the Positive credit register, such contracts are called leasing contracts.

The loan information to be reported is defined in the act on the Positive credit register. The information is described in the Positive credit register’s API descriptions, and more detailed instructions on how to report the information are provided in the document ‘Reporting data to the Positive credit register’. You can ask for draft versions of the API descriptions and the instructions on reporting data by sending email to luottotietorekisteri (at) vero.fi. The documents will be published later on the Positive credit register’s website.

Examples of loans to be reported:

  • Home loans
  • Credit cards
  • Consumption loans
  • Hire-purchase agreements
  • Student loans
  • Leasing contracts (Leasing contracts that involve only renting and whose terms and conditions stipulate that the ownership of the goods cannot transfer to the consumer will not be reported to the register.)
  • Credit claims bought by debt collection agencies.

 

Keep yourself up-to-date

The project to establish a positive credit register sends up-to-date information to stakeholders about the development of the register and about stakeholder testing, and also organises information sessions. Join our mailing list to receive up-to-date information and invitations to our stakeholder events. To join, please send e-mail to luottotietorekisteri (at) vero.fi.

You can also send us questions by email to ask about the preparations for the Positive credit register. We update the FAQ page on a regular basis.

The latest information about stakeholder events and publications is available at Matters of stakeholder interest.

 

Get familiar with the terminology

The links below take you to the sanastot.suomi.fi website, opening on a new tab.

Page last updated 10/17/2022