Frequently asked questions
A selection of topical questions are listed below. We update this FAQ page on a regular basis.
Find no answer? You are very welcome to send e-mail to: luottotietorekisteri (at) vero.fi to ask a new question.
Data protection and use of data
General
Why is the Positive credit register established?
The Finnish government’s objective is to help prevent households from taking on too much debt. Accordingly, the program to create a new positive credit register aims for reaching this objective in the future. Because the register will contain up-to-date information on individuals’ current debts – and on their current income – it provides a sounder basis on which credit institutions can evaluate any individual’s ability to repay their loans. This contributes to prevention of excessive debt.
Currently, the Tax Administration requires all lenders to file an Annual information return on loans and interest. Will the Positive credit register replace this?
No, it will not. According to the law, the Tax Administration will not be among the public authorities that receive data from the Positive credit register.
Why was the Tax Administration chosen to build and maintain a positive credit register?
The controller role was outlined by the steering group of the Project to establish a positive credit register. The Tax Administration was selected because we already have experience in building, implementing and maintaining a corresponding information system, i.e. the Incomes Register. The successful implementation of the Valmis programme was also in the Tax Administration’s favour.
How much does it cost to build a credit register?
The total cost of the project is estimated to be €54 million. The annual costs of maintaining the register are estimated at about €9.4 million, including personnel costs for 41 people.
What organisations does the Tax Administration cooperate with to build the register?
The Tax Administration’s cooperation partners in the implementation of the register include Gofore, Innofactor, Qentinel, TietoEvry, Knowit Solutions, F-Secure and Visma Consulting.
Why does the register rollout take place in two stages?
The content of the register has expanded from the original plans. The rollout was divided into two stages to ensure that the parties with reporting obligation have enough time to prepare and to make the necessary technical changes to their systems.
In the first rollout, the register will contain information on consumer credits and comparable loans. Lenders can send and retrieve data as of spring 2024. In the second rollout at the end of 2025, lenders start reporting loans granted to private individuals other than consumers. Information included in the second stage can be retrieved from the register as of spring 2026.
Will the introduction of the register increase the administrative burden on financial institutions?
The financial institutions’ obligation to report data to the register is based on law. The Tax Administration's objective is to build a solution that will burden the notifiers as little as possible. To achieve this, information about new loans and changes to loans will be automatically transferred from the lender's system to the Positive credit register via APIs. However, the parties with reporting obligation must make the necessary changes to their systems.
When a lender requests a credit register extract, how long does it take to receive a response message?
The register works in real time, and the response will arrive in seconds. The data collected and calculated on the credit register extract is obtained from various sources. The register aims at quick delivery within the limitations of the solution, and the solution’s performance is tested and developed actively.
Is the register in use around the clock, throughout the year (24/7/365)?
As a rule, the register’s APIs are available around the clock on all days. As in all IT systems, however, there are occasional maintenance breaks. They will be announced in advance.
Data in the register
Is information on individuals’ defaulted payments entered in the Register?
No, it is not.
Who sends information to the Positive credit register?
The register receives data from parties that grant loans to individuals, i.e. banks and other financial institutions.
What information is reported to the register?
Lenders send data on loans granted to consumers to the register. Such loans include, for example, home and student loans, consumption loans, and credit granted to self-employed individuals for business purposes.
The reported loan information includes the amount and purpose of the loan, the payment method, the interest rate information and the final due date according to the payment plan.
What should I do if I notice that the information on my loans is incorrect?
Responsibility for the accuracy of the information is carried by the party submitting it. If you find any errors, please contact the lender.
What about loans that were granted before the introduction of the Positive credit register – will they also be recorded in the register?
Active loans that were granted before the introduction of the register will also be recorded in the register. Active loan means that the borrower has not repaid the loan in full. Information on loans that ended before the introduction of the register will not be recorded in the register.
What is the difference between information in the Positive credit register and information in commercial credit registers?
The Positive credit register will contain information about loans issued to individuals. Payment defaults or other negative credit information will not be recorded in the Positive credit register – it will remain in commercial credit registers as before.
Data protection and use of data
Are landlords allowed to search credit information on a prospective tenant before making a rental contract?
According to the law, owners of rental property will not get access rights to the registered data.
Can all the outside parties designated as data users get all the information from Positive credit register?
No, there are heavy restrictions on the distribution of registered data. The law will determine the extent of data access for each data user.
Let us suppose that I find out what my neighbour’s personal identity code is. Can I use that code to look up their credit information?
No, you cannot. The Positive credit register’s e-service only allows users to see the credit information that concerns the users themselves.
What is the data used for?
The use of the data recorded in the register is laid down in legislation. Lenders use the information to test the creditworthiness of a person requesting a loan. Authorities use the data to monitor and supervise the credit market, for example.
Will the Tax Administration use the register’s data for something?
According to the act on the Positive credit register, the Tax Administration is not entitled to receive data from the register.
Can anyone see my loan information recorded in the register?
No. The act on the Positive credit register is very specific about who has the right to receive information from the register. Certain authorities, as well as the lenders, are entitled to access the information. The Positive credit register checks that the requester is entitled to receive information from the register before disclosing it. The information is only disclosed for statutory purposes.
How do I know who has asked for my credit information?
We will provide an e-service for private individuals, where you can check what information about your loans has been submitted to the register and for what purposes your loan information has been requested.
If I make a hire purchase agreement with a furniture shop, for example, can the seller see my loan information?
Hire purchase deals are mostly financed by financial institutions, not by shops. In the case of a hire purchase deal, the financial institution checks the information on the buyer's active loans in the register and notifies the seller whether financing is granted or not. The seller cannot check the buyer's loan information in the register.
Can lenders request my information from the register only when I'm applying for a new loan, or can they view my loan information as long as the loan is active?
Lenders cannot ask for the debtor's information from the register freely: the situations in which information can be disclosed are laid down in the legislation. If a new loan contract is being made or the loan amount or credit limit is being raised, information may be disclosed to the lender for purposes of testing the applicant’s creditworthiness. In addition, information may be disclosed when the borrower seeks a change to the terms of the credit that requires a test for creditworthiness or when the lender accepts a guarantee or a third-party security as collateral for the credit.
What income information can the lender receive from the Positive credit register?
The Positive credit register receives income data from the Incomes Register. Information about wages, pensions and benefits is reported to the Incomes Register. The Incomes Register does not have information about all capital income, for example, or about travel and accommodation allowances paid on the basis of vouchers, or the entrepreneur's wage income. The Positive credit register provides the lender with information about the person's monthly income for the past 12 months.
How will the personal data held on the Register be protected?
The Positive credit register will have the “raised level” of information security. This means that there is always a protected environment where information is saved and processed.
What does the raised level of information security mean?
The Positive credit register complies with the guidelines adopted by the IT administration of the central government known as “VAHTI guidelines”. Raised level means that a number of secure procedures regarding IT technology and management are put in place.