What is the difference between the Credit Information Bureau and the Economic Information Bureau? In the first one, we find our credit history, mainly the positive one, banks can use it. In the second, however, there are primarily debtors, although there are also positive stories. These are the two most popular databases in Poland.
It is worth having at least general knowledge about both, especially if we use various products of both private loan companies and banks. And in the first and second registers we can meet with positive reviews.
Basically, the Economic Information Bureau , as a whole, is divided into several smaller, independent offices. Each of them maintains a separate black list of debtors. Without regulating, let’s set up the phone bill within the time limit we can find on each of these lists, possibly on the chosen one. It depends a lot on which of these offices the creditor submits the application.
How does BIG work and on what basis?
We will learn all the information on this subject by reading the Act on disclosing economic information and exchanging economic data. BIG InfoMonitor also works on this basis. Its resources include information on the debts of private individuals and companies. It also informs interested parties about the current state of debt.
This is an extremely good tool to motivate unreliable borrowers. Such an awareness that they will be blacklisted for a long time and that they will have trouble getting even the smallest loan strongly motivates to pay their liabilities. Not only that – if we run a company that has been included in such a list, other companies will not want to cooperate with us.
It may turn out that we have a problem with the most ordinary everyday activities, even such as signing a contract for internet use. This can actually be an effective tool for debt collection. However, BIG InfoMonitor is not only used to keep unreliable customers in check.
By asking BIG to report on yourself, you can significantly increase your credibility. Such a positive report can significantly affect the course of negotiations or tenders.
BIK processes and stores information provided by these institutions about the creditworthiness of customers. Why is it worth checking the BIK report? You will learn what banks know about you, assess your chances of a loan, make sure that you are not burdened by someone else’s loan.
How can you hit the BIG list?
Well, not at all, but you don’t have to make any effort. An individual may be on it for $ 200 and an enterprise for $ 500. Also, there is no major problem. You can find it for almost everything. The range of services is very wide. Even a private person can enter a neighbor if he deserves it.
Is it really true that everyone can enter into this register?
In fact, yes, but not unconditionally. One such condition is the deadline that has elapsed since the unfulfilled obligation. This period is 60 days. Another condition is that we have to inform him about the intention to enter a delinquent on the BIG list. And we have to do it 30 days before entering in the register.
However, this process is only intended for entrepreneurs. Regulations are slightly different for individuals. A private individual must first prove to the court that the obligation in question exists. Such a debt , confirmed by a court, irrespective of the amount and period elapsed from due date, may be entered in the register.
In the case of private persons, the creditor must inform the debtor 14 days before entering into the register of the debtor. We already know that it is not difficult to get on such a list, so it may be worth trying to get along with creditors first, instead of avoiding contact.
It is worth ensuring a positive history in BIG
It is just as important as the one in BIK . Such a reliable customer is more likely to get a good loan or even installment purchases. This is a useful element even if you want to rent an apartment or sign a contract for the use of cable or the Internet. This is for private individuals. On the other hand, an entrepreneur with a positive history in BIG becomes more competitive than others.
He has more room for maneuver during negotiations, he has an additional Ace up his sleeve standing for tenders.
And if we find ourselves somehow on these unflattering lists, how long will we be on them? How long we stay there depends a lot on us. We can disappear from the base even within a short, two weeks. How to do it? Simply! Pay off the liability. If we settle the debt, the creditor has two weeks to delete our data from the register.
In the event that we settle part of the debt, then it has the same time to update information about our state of debt. What if he doesn’t? He will be exposed to unpleasantness, which may cost him up to $ 30,000. Such a penalty may be incurred by the creditor for not removing the debtor’s data on time.
ERIF – Register of Debtors
This is a relatively new and at the same time modern platform, dealing in the exchange of economic information. In his databases we can meet both negative and positive stories. He mainly deals with business. In other words, he is interested in small, one-man companies and huge companies.
This time about KRD
Another, equally effective tool, already operating on the debt market is the National Debt Register , in short KRD. He mainly deals with servicing all business entities, from the smallest, one-person ones to large corporations. However, KRD is not all bad.
Since 2010, any reliable entrepreneur who has no obligations towards other entrepreneurs may submit to him an application for the Gold Certificate of Reliability. Such a certificate can significantly affect the company’s credibility and thus help in business development.
It will definitely be better for us to regularly repay liabilities, and as soon as there are problems with financial liquidity, immediately contact the creditor in order to try to settle the matter amicably. It is not worth running away from such problems. Sooner or later they will get us anyway.
And the moment when it happens can be much more troublesome than the moment when the problem began.