Are you wondering about the register’s information on your home loan or debt arrangement? – read about how your loans are saved in the register
4/25/2024I have taken out a home loan together with my spouse. Why does the Positive credit register show the entire loan as my loan? How does the register show loans that are included in a debt arrangement?
The Positive credit register was opened at the beginning of April. Lenders report to the register loans granted to private individuals, such as home loans, car loans, consumption loans, credit cards, student loans and hire-purchase financing. Amortizations paid and information that a loan has been paid off are also reported to the register. Negative credit data, such as payment defaults, is not recorded in the register. However, delayed payments are saved in the register if the payment is more than 60 days late.
The register receives data on your loans from lenders, i.e. banks and other financial institutions, and your income data is received from the Incomes Register. If your loan data is incomplete or inaccurate, you should in the first place contact your lender, who can correct the data to the register. You can also contact our customer service.
Both spouses are liable for a shared home loan
Lenders report to the Positive credit register consumption loans, student loans and home loans granted to you. As regards joint-liability loans, such as shared home loans, the entire loan amount is reported to the register. For example, if you have taken out a home loan together with your spouse, your information in the register shows the total amount of the loan. In loan details, you can see that you and your spouse share liability for the loan.
In other words, if you and your spouse have a shared home loan of €300,000, the register shows that both of you have a loan of €300,000. In addition, you can see that the liability for the loan is shared by two individuals. This is because although the loan is a joint loan, both parties are liable for the entire loan. If one party fails to make repayments, for example, the other party is liable to pay them.
Lenders see the total loan balance on the credit register extract, and they also see the number of debtors. In other words, if you and your spouse have taken out a home loan together, lenders see the total loan balance on both debtors’ credit register extracts. In addition, they see that the liability for the loan is shared by two debtors: you and your spouse.
Why does the register show a debt arrangement that has already ended?
If you have a loan included in a payment plan in a debt arrangement, the lender reports only limited information about the loan to the register. In addition, the debt arrangement is shown in the register. When the payment plan ends, the lender must remove the entry about the loan’s inclusion in a payment plan in a debt arrangement. If your loan that was included in a debt arrangement has
ended but is still shown in the register, you can contact your lender to find out why the entry has not been removed.
If you have not paid off the loan in accordance with the payment plan, the loan may still be shown in the register even though the entry about the debt arrangement has been removed. Also, a loan that has been included in a debt arrangement will appear in the register again if you have a confirmed liability to make additional payments after the end of the payment plan.