Planning a new public register to help prevent excessive indebtedness

The new legislation is not yet adopted

Legislation on the Positive credit register is being discussed in the Parliament. The planned effective date is 1 August 2022.

The national Positive credit register would gather information on the credits issued to Finnish individuals, and gather information on their current income. The aim is to:

  • prevent households from taking on too much debt
  • improve lenders’ ability to test the creditworthiness of loan applicants
  • assist individuals who want to manage their finances better
  • provide a source of reliable information on the credit market
  • provide an easier method of follow-up and control for the public bodies that supervise the market

According to current plans, the Positive credit register will be launched in spring 2024. The planned effective date of a new legal act that will control the Positive credit register is 1 August 2022.

The register is implemented in two stages

The Positive credit register is expected to be rolled out in two stages. According to the Government proposal, in the first stage, information on consumer credits and other comparable credits will be included in the register. Lenders can report and retrieve information as of spring 2024. 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.

What are the benefits of the Positive credit register?

The Positive credit register will offer:

  • Better opportunities for credit institutions and other lenders to ascertain customers' ability to pay back debts.
  • New ways to monitor the financial market for public authorities.
  • A real-time view for private individuals of their credit information with an added voluntary option to establish a personal ban on credits.

The register’s operational idea

Credit institutions send information to the Register on the loans they issue and on any changes in the loan contracts. Examples of reportable changes include received amortizations, and revised contract terms.

A new legal obligation will require all lenders to test every individual loan applicant’s creditworthiness. For carrying out the testing, the lenders will have to ask for a credit register extract for every applicant. The extract contains up-to-date information on every applicant’s loan contracts and current income.

Private individuals can view their personal credit information. They can set up a voluntary credit ban. This is a service free of charge. An e-service for private individuals will be built.

The public authorities which the legal act enumerates can utilise data from the Positive credit register for carrying out their legal duties. For example, the Financial Supervision Authority, the Bank of Finland, the Financial Stability Authority, the Finnish Competition and Consumer Authority and Statistics Finland are the authorities that will utilise the data.

Further information

Read more about the Government proposal (available in Finnish and Swedish) on the Parliament’s website

Read more: the Terminologies pages

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