We provide reliable, up-to-date information to support lending decisions
The Positive credit register will contain facts about loans issued to individuals. The information saved in the register gives lenders an up-to-date report on a loan applicant's current income and loans. This helps lenders test the applicants’ creditworthiness.
What does the new register mean for credit institutions?
The planned information-reporting requirement will concern all companies that issue loans to private individuals and the self-employed. Accordingly, the lenders must report up-to-date information on the following:
- New loans
- Changes to existing loans
- Received amortizations
In addition, lenders will have to test their loan applicants’ creditworthiness based on the Positive credit register data before a new loan is issued to the applicant. For this, lenders will be required to ask for a credit register extract for each applicant.
The register is launched in two stages
Responsibility for the Register’s design and maintenance lies with the Incomes Register Unit of the Finnish Tax Administration. At present, preparations for the Positive credit register are underway.
The Positive credit register is expected to be rolled out in two stages. According to the Government proposal, in the first stage in spring 2024, information on consumer credits and other comparable credits will be included in the register. Lenders start reporting information on 1 February 2024 and can start using the information in the register on 1 April 2024.
In the first stage, lenders must sign up for the register in autumn 2023.
In the second stage at the end of 2025, lenders start reporting loans granted to other private individuals than consumers. Information included in the second stage can be retrieved from the register as of spring 2026.
Comprehensive information on credits in one register
The Positive credit register will collect comprehensive information on the loans of private individuals. The loan contracts on the register will include:
- Home loans
- Student loans
- Consumption loans
- Credit cards and bank accounts with a credit limit
- Vehicle loans
- Loans for an investment purpose
- Part payments
- Leasing contracts
In the second stage, loans granted for an individual’s business operations will also be reported to the register.
Lenders must send information to the Positive credit register on all new loans issued to individuals who have a Finnish personal identity code and, in addition, domicile in Finland or income from sources in Finland. This also includes any loans issued to young people under 18.
The Positive credit register contains data on both credits and income
Information to be saved in the Register covers the up-to-date facts on lending. The Positive credit register will also have access to the data saved in the Incomes Register on wages and benefits. These data are made available to lenders to facilitate the testing of loan applicants’ creditworthiness. However, the Positive credit register will not contain information on defaults i.e. bad credit entries.
Keep yourself up to date
The ongoing program to establish the Register sends up-to-date information to its stakeholders on a regular basis. We describe the development work and arrange events for providing information to those who need it. To receive the information, updates and invitations to webinars and other events, join our mailing list. Send e-mail to: luottotietorekisteri (at) vero.fi to join.
You are very welcome to ask us a question by e-mail. We also have a Frequently Asked Questions page, also updated regularly.
Read more: the Terminologies pages
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