What is the Credit Information Bureau, i.e. popular BIK?

Contrary to popular belief, the Credit Information Bureau is not a register of debtors. The institution collects and stores all information about loans and credits paid back. Therefore, the BIK will contain information about delays, but also about those obligations that have been repaid on time. In the article, we answer the most frequently asked questions about the Credit Information Bureau.
The purpose of the Credit Information Bureau is primarily to prevent excessive debt and to support responsible lending.

 

What is credit history at BIK?

What is credit history at BIK?

Credit history is the history of repayment of loans and credits you have taken out. If you pay their installments on time – your story will be positive. If you often have a dozen or even several dozen days delay – it will be much worse.

 

Do banks and loan companies always check BIK?

Do banks and loan companies always check BIK?

Access to information collected in the Credit Information Bureau is available to institutions that cooperate with it on a reciprocal basis. They may send inquiries to BIK only if they themselves provide the institutions with information on the obligations of their clients. If a customer applies for a bank loan, they can be 100% sure that their credit history at BIK will be carefully scanned. Negative often becomes the cause of a negative credit decision.\

The situation is slightly different for non-bank financial institutions. When verifying the loan repayment capacity, many of them do not look at BIK resources at all. Others have a much more favorable view of low scoring than banks. So he may, but he does not have to become the reason for a negative decision. If you have a negative loan history at the Credit Information Bureau, look for a company that does not check this particular database. How to do it? Take a look at our article.

 

What is credit scoring?

What is credit scoring?

As the Credit Information Bureau states on its website: “Scoring is a method of scoring credit risk. It involves determining the creditworthiness of the customer based on a comparison of his profile with the profile of customers who have already received loans. The more the profile of a given customer is similar to the profile of customers repaying their loans on time in the past, the better the score will be given to that customer. ”
It can take the form of stars and points. The more of them the better.

 

How do the points translate into stars?

How do the points translate into stars?

  • 192 to 279 points = 1 star
  • 280 to 367 points = 2 stars
  • 368 to 455 points = 3 stars
  • 456 to 543 points = 4 stars
  • 544 to 631 points = 5 stars

Interestingly, according to BIK’s average rating for Poles is 528.8 points. By generating a report about yourself (see below for how to do it), you can check whether you are above or below average.

 

Can I check my credit history at BIK yourself?

Can I check my credit history at BIK yourself?

By all means it is possible. To check your credit history, go to www.bik.pl and generate a report about yourself.
Thanks to it, you will learn what banks know about you, assess your chances of getting a loan and check whether nobody has (or tried to) take a loan for you.

 

How long is the data stored in the Credit Information Bureau?

How long is the data stored in the Credit Information Bureau?

A negative credit history can drag on a late borrower for up to five years, making it difficult to borrow more loans and credits.

 

Can you improve your credit history at BIK?

Can you improve your credit history at BIK?

Fortunately, there are several ways to improve your credit history at BIK. The first and most obvious is the concern for timely repayment of installments of currently held loans and credits. Another way to improve your credit history will be … installment purchases. Installments are treated in exactly the same way as a loan or credit. If you pay them back on time, your scoring will increase. Remember that they don’t have to be expensive items. Inexpensive home appliances, kitchen accessories or small items of everyday use will work great here.

Your credit history can also be improved by … a credit card. If you use the card to pay off your debts on time, it will be a clear signal for BIK that it is dealing with a reliable and credible customer. This solution is dedicated primarily to people who do not have problems with excessive debt, control their financial and are aware of how popular financial tools work.

No Comments

Leave a Comment