It is worth being aware that no movement in the world of financial institutions remains without a trace. Credit Information Bureau is a specific database that records all liabilities, repayments or not. It is used by, for example, banks. What is BIK?
Poles are more and more willing to take loans, take loans, buy cars in leasing, and buy various products in installments. Finances surround people at every turn, but the aforementioned group of obligations is not fleeting but long-lasting. When you buy a given product, you pay one time and end it (not counting the guarantee, etc.). In the case of loans, credits, installment and leasing products, a liability is spread over time.
When drawing any of the aforementioned, it should be remembered that it is a binding and irreversible process. When borrowing loans, installments or leasing, they will always be recorded in the databases of the institutions or entities that provide them. The repayment liability will remain absolute and any delays or shortcomings will be recorded and indexed. There are registers that collect all of these data.
Financial registers and debtors’ databases are not only a valuable source of information for those who give commitments, but also for contractors. The first group uses this right handfuls, it is worth realizing how the widest possible group of consumers about the usefulness of knowledge of the operation of bases! Let’s get to know what BIK is.
BIK – basic financial register
Among the numerous registers, Buro Informacji Kredytowej belongs to the group of the most popular and the most recognizable ones. What is BIK? It is a database that collects data on repayment installments. Regardless of whether they are installments of a loan, credit, leasing or purchased goods. This office allows you to check the repayment history of the consumer’s obligations and remains at the disposal of both the lenders and the consumers themselves.
However, only selected institutions have access to it. What’s more, not every lender, for example, cooperates with BIK, which means that not every obligation is registered by BIK separately. It is worth knowing the system of data collection in this register and the principle of its functioning. This will allow you to be better prepared and aware about the state of your finances and outstanding liabilities. In turn for the institution it is a form of information and security.
What information is sent to BIK?
It is also worth mentioning the information that BIK has access to and how it is recorded on an ongoing basis. As mentioned above, BIK may receive information on all liabilities. It is worth concretizing.
BIK collects data on:
- Outstanding liabilities (loan installments, loans, borrowed goods, leasing).
-On the amount of the liability, the amount of the installment, the remaining amount to be repaid and the possible amount of debt.
- Payments already paid (loan installments, loans, borrowed goods, leasing)
– The amount of the obligation, the amount of the installments, information on possible late payments.
- Submitted loan or credit applications
-BIK records how many times and when the consumer has asked for a loan or credit.
– It also allows you to check if someone has tried to borrow for consumer data using his ID card.
How often does the information be collected by BIK?
BIK collects information on these commitments on a monthly basis. Information about loans repaid on time is automatically removed. However, if the consumer wishes otherwise, then they appear in BIK for the next 5 years. Then they are removed.
Delays in repayment of any obligations are recorded after 60 days (2 months), and after the next 30 days BIK stores this information for the next 5 years in its databases and makes it available to, for example, banks.
What is the importance of BIK for lenders, banks and stores?
Loan companies do not represent a unified relationship with the Credit Information Bureau. Some of them conduct permanent cooperation with him and verify the information contained therein by granting loans on the basis of points visible in BIK. Other such collaborations do not lead and do not take into account the entries in it.
There are also loan companies that look into BIK under procedural, top-set formalities. However, they do not treat, for example, negative entries as a factor deciding the refusal to grant a loan. It all depends on the individual relationship of the loan company.
In the case of banks and shops offering products in installments, there is a greater attachment to the points specified in BIK. With, for example, current arrears in repayment of any obligation, you can face denial of credit. However, having outstanding liabilities settled a few years ago, a refusal is unlikely.
For customers with less favorable condition at BIK, the loan or installments can be chosen simply on less attractive terms. In the case of banks, interest rates and interest rates may be higher. In turn, in the case of stores selling goods in installments, the repayment period or the amount of monthly installments may be shorter.
Now you know what BIK is.