Krediidiinfo AS and Estonian providers of consumer credits have signed an agreement on the exchange of credit information on individuals in real time in order to fulfill the statutory obligation to assess the creditworthiness of consumers. 

The Positive Register (Positiivne Register) is the data exchange system, through which creditors that are members of the register are able to share information about person’s credit obligations with consent of the person in question. The Positive Register allows a creditor to fulfill statutory requirements of responsible lending and to ensure a person’s ability to fulfill his or her debt obligations. Loan applicants will no longer have to collect documents from other creditors. Customer will also be better protected from the problems associated with making emotional decisions about loans and excessive debts. 

The founders of the Positive Register are Krediidiinfo AS, Estonian banks AS LHV Pank, Bigbank AS, TF Bank AB, AS Inbank and other lenders licensed by the Financial Supervision Authority. 

Today’s foundation meeting was attended by the finance minister Sven Sester, who endorsed this initiative. “If bad loans are not granted, and useful ones – on the contrary – are issued with less red tape, it benefits both borrowers and lenders alike. The idea of establishing such a register is included in the government coalition agreement, but if it is implemented as a private initiative and other major lenders join it, there is no need to prescribe establishing of the register on the legislative level,” – said the minister. 

Experience of foreign countries also confirms that such a register is convenient for customers and makes the lending process more accountable. For example, similar registers exist in Sweden and Finland. In some countries, such registers are mandatory. 

Creditors are required to take increasingly active efforts to obtain information about the customer’s background and evaluate the customer’s creditworthiness. According to the chairman of the management board of LHV Pank Erki Kilu, establishment of the Positive Register is a step towards better fulfillment of such requirements. “The register adds precision to adoption of lending decisions. Today’s signing of the foundation charter of the Positive Register is a responsible initiative and the first step towards the launch of the data exchange system. The next step should be establishing of the legal framework and technical solutions. We invite all other creditors to join the register. It is open to all,” – said Erki Kilu while speaking on behalf of the founders of the register. 

The chairman of the management board of Krediidiinfo AS Veiko Meos emphasizes that no separate database exists – exchange of data is performed in real time. “Exchange of information on individuals occurs in a safe manner via the state information system X-tee. Minimum amount is data is transferred and it all happens solely with consent of the person in question. The consent is requested at the time of submitting the loan application. In the course of use and processing of information relevant personal data protection provisions are taken into account”. Data exchange via the Positive Register is administered by Krediidiinfo AS. 

Along with Krediidiinfo AS the Positive Register is established by Estonian banks AS LHV Pank, Bigbank AS, TF Bank AB, AS Inbank as well as the following lenders licensed by the Financial Supervision Authority: AS LHV Finance, Bondora AS, BB Finance OÜ, Creditstar Group AS, Hüpoteeklaen OÜ, IPF Digital Estonia OÜ, Placet Group OÜ, Svea Finance AS and OÜ Koduliising. 

Krediidiinfo AS is an experienced international company specializing in credit information gathering, processing and intermediation, while focusing on decreasing financial risks of Estonian companies. 

Speaker: 
Veiko Meos, chairman of the management board of Krediidiinfo AS 

Additional information: 
Inga Meremaa 
Marketing and communication manager, Krediidiinfo AS 
Telephone: 511 1004 
Email: inga@krediidiinfo.ee