Loans Bad Credit Online -Vmnassociates.Com Uncategorized What does the Credit Information Bureau know about you?

What does the Credit Information Bureau know about you?



The Credit Information Bureau receives information about our loans , credits and credit cards. On the basis of this data, banks and other companies may decide to borrow money from us. What exactly does BIK know about us and entities using its database?

BIK, or Credit Information Bureau, was founded in 1997 on the initiative of the Polish Bank Association and private banks. The purpose of the new BIK database was to collect and share data on the credit history of Poles. Currently, the database is used not only by banks, but also credit unions and loan institutions operating non-banking, for example companies offering payday loans and installment loans.

How does BIK work?

How does BIK work?

Basically, BIK only deals with data storage and sharing – it does not enter anyone in the database on its own, because it can only do so on behalf of external entities, such as banks.

Based on data from BIK, these entities can make easier decisions on borrowing money. When we did not have any delays in paying loans or credits, our credit history at BIK will be positive and will work in our favor. Otherwise, we may have difficulty borrowing money again – even for 5 years, because that’s how long BIK will store information about us.

The BIK includes information such as:

credit score

• loans and borrowings with information about their liability amounts, amounts to be repaid and the number of installments

• attempts to borrow and borrow

• credit cards and their limits

• timely repayment of each installment of a loan or loan

Therefore, these are detailed information and entities that use them, are able to determine the financial situation of the client on their basis. That is why they are often used when we want to get a new loan or loan. They are very helpful especially with quick loans, for which we do not have to provide documents confirming our income.

Check what BIK knows about you

credit score

Access to information in BIK is available only to specific entities that were listed above – the data in the database are covered by banking secrecy and we can not simply check what was collected about another person. We can get a report about our credit activity for that.

Individual clients can download the BIK report completely free of charge – however, this is a non-scoring report, ie a point estimate, loan repayment history and printout options. If we want to get more detailed information, we will have to pay PLN 36 for a single report. We can also buy a package consisting of 12 full reports and additional services for PLN 79 a year.

Being in BIK is profitable!

credit score

Many borrowers associate BIK as an institution that must be avoided. However, we must remember that whenever we borrow money from a bank, a loan company or SKOK, we will be included in the BIK databases. When we pay off our liabilities on time, our positive creditworthiness will work in our favor and allow us to get new loans and loans more easily.

However, if we do not regulate our obligations on time, it may turn out that we will not borrow money so easily. It is worth paying the installments punctually – then we will not have any problems with borrowing money in the future when the need arises.