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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 information contained in the credit register extract.
- Read more about what lenders can use credit register extracts and in what situations.
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 businesses specified below are obliged to report data on consumer credits and other comparable loans to the Positive credit register.
- The following businesses that are under the supervision of the Financial Supervisory Authority in accordance with the Act on the Financial Supervisory Authority (878/2008):
- businesses providing credit and financial services (section 4, subsection 1)
- Finnish branches of foreign credit and financial institutions of EEA countries subject to supervision (section 4, subsection 5)
- foreign credit and financial institutions subject to supervision that provide services in Finland but do not have a Finnish branch (section 4, subsection 5).
- Lenders and loan brokers registered in accordance with the Act on the Registration of Certain Credit Providers and Credit Intermediaries (853/2016). For the time being, the register is maintained by the Regional State Administrative Agency for Southern Finland, but it will be transferred to the Financial Supervisory Authority (Government proposal HE 101/2022 vp).
- Other businesses to which the lender’s rights arising from a reported loan contract are transferred (reassignees).
In addition, Kela reports guarantee receivables for student loans to the register. The State Treasury does not report the guarantee receivables collectible by it.
More detailed instructions on the reporting obligation are provided in the instruction document ‘Reporting data to the Positive credit 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’.
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 stakeholder 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
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