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Credit Information System

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Nobody gives me a loan, what could be the reason? ” If you have ever asked yourself this question, it may be that you are in a difficult situation when it comes to getting a loan that you urgently need. The answer to your question may come from a lack of regular income, from a particular relationship with the bank or, most likely, from the presence of a credit information system.

You may be more familiar with the term “delinquency file”, but appearing in this type of record will not always entail being a defaulter. Regardless of this, if you’re interested in learning what these systems are and how to opt out of them, keep reading and find out.

What is a Credit Information System?

Credit information systems are records that collect the non-payment data of natural or legal persons who have incurred some type of debt. Contrary to what is popularly believed, it is not necessary to be a large debtor to be part of this type of system that usually makes it impossible to obtain credit.

At present there is a wide variety of credit information systems that also fulfill an informative function for financial institutions that use them to consult the history or profile of their potential clients. Appearing in these records is detrimental to the financial profile of debtors and determines access to any type of financing.

However, to appear in a credit information system there must be a clause in the contract that we maintain with our bank in which we are explicitly informed that they can transfer our data to a third company. This company is one of the numerous credit information systems that we mentioned before and that will only have our data in the event of a certain default situation.

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When we talk about a certain non-payment situation, we mean that the debt has to be due, it has to be enforceable and there must have been a prior payment requirement. If this is not fulfilled or at least four months have not passed since the start of the default, they will not be able to include us in these records. Nor if the minimum amount to be owed is less than €50 for natural persons and €300 for legal persons.

How to get out of a credit reporting system

Knowing this, it is logical to worry about the image that financial institutions have of us or, in other words, the information that the bank has about us but is reluctant to share. But before going into details it is convenient to know the legal situation of this type of record.

Credit information systems are governed by Organic Law 3/2018, of December 5. Despite this, the fact that they are protected by law does not exempt them from being considered controversial. Several Supreme Court rulings consider that the fact of not paying an amount of money does not always have to be due to an insolvency matter, but rather may derive from a disagreement with the entity.

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As a general rule, if we want to disassociate ourselves from a credit information system, the best option is to pay the debt contracted. Once it is resolved, we can contact the credit information system, attaching proof of payment thereof, to request the deletion of our data. This is something recommended since they usually take a while to do it themselves.

It should be known that the registry manager will contact the financial institution that included our debt data in its system before completely eliminating it. The maximum term is set at one month to carry out this procedure. However, even if we have not paid this debt, the right of deletion can be requested from the registry   if five years have elapsed from the date of its expiration.

CIRBE

The Risk Information Center of the Bank of Spain, better known as CIRBE, is a database that contains all the information on loans, credits, guarantees and guarantees that reporting entities maintain with their clients. A key service that helps entities make a decision regarding an important operation. However, this does not mean that CIRBE is a registry of defaulters.

The difference between delinquency files and CIRBE is that, to appear in them, a default must have previously mediated. For example, appearing in a RAI or ASNEF file, among others, is one of the main consequences of not paying a loan. Undoubtedly, one of the reasons why the bank can deny our request.

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CIRBE’s main function is to inform the entities under its supervision, on a monthly basis, about those clients whose accumulated risk exceeds 1,000 euros. Now, in a concrete way, entities can also request specific information about one of their clients on occasions in which a risk operation is going to be carried out, such as, for example, the granting of a mortgage.

Summary and conclusions

In short, being in a credit information system represents a significant handicap when requesting any type of financial product. It is important to take care of our economy so as not to project a negative image to credit institutions that may mistrust our future commitment.

If you are concerned about your credit profile and you are in a hurry to find solutions to your problems, we recommend that you read our article on loans to pay debts.

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