The Positive Credit Register will be introduced in 2024. Asiakastieto is currently building a solution, with the help of which companies granting credits to consumers in Finland can best make use of it. Irrespective of the number of credit decisions, Asiakastieto offers a suitable solution for different products and situations even so that the customer company does not necessarily need to resource its own IT work to process the data retrieved from the new register. Asiakastieto’s first solutions can be tested in the autumn of 2023 in order to ensure progress within the limits given by the schedule of the Positive Credit Register.
The Consumer Credit Inquiry System, launched in 2013, continues to operate and is being developed all the time. With the help of the positive credit information obtained from the system, 36 million responsible credit decisions have already been made.
On this page, Asiakastieto shares information and helps its customers prepare for the requirements and utilization of the new register. We also share the experiences of our customers in utilizing the already available positive credit information.
Gather all the necessary information through one channel.
The system enables a responsible and efficient credit granting process.
Versatile solutions for cost-effective credit granting.
Danske Bank is a sustainable lender. They utilize Asiakastieto's Positive Credit data for decision making in all their application channels. "It is an essential part of our credit granting process", Jermu Säippä from Danske Bank says.
The Positive Credit Register is a register being prepared by the Tax Administration, which gathers information about credit and income of private individuals. The register is supposed to be introduced in two stages: in the first stage, it will include information on consumers' credit and income. In the second step, the register will contain information on loans granted to sole traders. The first stage is scheduled to be completed in the spring of 2024.
The Consumer Credit Inquiry System is a system established by Asiakastieto, in which positive information (e.g. number and total amount of credits, possible delays, repayment/month, annual income reported by the applicant) is retrieved based on the consumer’s assignment. Asiakastieto's system covers approx. 40 banks and lenders and was established in 2013. The system processes approx. 700,000 inquiries per month and enables a responsible and efficient credit granting process together with Asiakastieto's other services.
The costs of the inquiries in the Positive Credit Register have been estimated in the government proposal (HE 22/2022) to be between 1-2 euros. The regulation related to the pricing will be completed by the Ministry of Finance by the end of the year when the exact cost per inquiry will be known. The price of inquiries in the Consumer Credit Inquiry System is currently €0.36/inquiry.
The Consumer Credit Inquiry System will be alive and well also in the future. With the help of the system, lenders can e.g. optimize the costs arising from the Positive Credit Register. With the help of Asiakastieto's solutions, we aim for a situation where the information from the Positive Credit Register would lead to a negative credit decision only in a small number of cases. It is therefore necessary to ask for information from the Positive Credit Register only when the lender is otherwise ready to grant a loan.
The law requires lenders to use information from the Positive Credit Register in their credit decisions regarding the loans that are granted. This makes it possible for lenders to try to eliminate applications as efficiently as possible already at the initial stage, so that unnecessary costs are not incurred. Asiakastieto's product family comprises very versatile solutions for responsible and cost-effective credit granting.
With its solutions, Asiakastieto makes it possible to go through the entire credit decision process with high-quality and up-to-date information. We can also include inquiries from the Positive Credit Register into the existing process, so our customers receive and can use all the necessary information through one channel.
Comprehensive instructions on preparing for the introduction of the register and answers to the most common questions can be found directly on the project's website www.vero.fi/en/positivecreditregister/