The act on the Positive credit register takes effect on 1 August 20227/8/2022
The Parliament passed the act on the Positive credit register. Large-scale use of the register begins on 1 April 2024.
The Positive credit register collects information on the loans issued to private individuals in Finland. Lenders, i.e. banks, financial institutions and other parties issuing loans to consumers, will send information on the loan principals and payment transactions related to the loans to the register. Any loan payments that are more than 60 days late will also be reported.
Loans granted to private individuals by banks, credit institutions, finance companies and instant loan providers will be reported to the register extensively. Loans issued by foreign lenders will also be reported. When the Positive credit register is up and running, it contains data on a wide range of loans, such as home and student loans, credit cards, consumption loans, instant loans, hire-purchase credits and leasing.
Lenders use the data collected in the register when they grant new loans to individuals. When a person applies for a new loan, the lender requests a credit register extract containing information on the customer's existing loans and the customer's income data obtained from the Incomes Register. Based on the information, the lender can better assess whether the customer will be able to pay back the debt.
The register is implemented in two stages
The register will be rolled out in two stages. In the first stage, lenders submit information on existing consumer credits and comparable loans to the register at the beginning of 2024. Information on home loans, car and student loans, consumption loans and credit cards, for example, will be submitted. As of 1 April 2024, lenders will report information on all new loans in almost real time and can request a credit register extract when granting a new loan.
In the second stage, information on loans granted to individuals other than consumers, for example credit granted for business purposes, will also be reported to the register. Sending information on existing loans of this type will start at the end of 2025, and lenders can request information included in the second stage starting spring 2026.
The Positive credit register is implemented and will be maintained by the Finnish Tax Administration.