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Credit Register

The Credit Register is held by the Bank of Latvia.
 
The Credit Register contains information on all historical credit liabilities that had been incurred at the time of the establishment of the system on 1-January 2008, and credit liabilities that have been incurred after the establishment of the system.

 
The activity of the Credit Register is determined by the following: Article 1061 and part three of Article 198 of Credit Institution Law, Article 29 of Insurance Companies and Supervision thereof Law, Article 27 of the Credit Union Law, as well as the following Regulations of the Bank of Latvia: “Regulation for the Credit Register”; [1] and “The Amount of and the Payment Procedure for the Fees to Be Paid for the Use of the Credit Register” [2].  
 
The main aim of the Credit Register is to enable the assessment of a borrower’s creditworthiness more accurately, to manage the credit risks more effectively, to provide additional opportunities for supervisory functions, and to fulfil the needs for the macroeconomic analysis of the Bank of Latvia and Financial and Capital Market Commission.
 
Bank has to provide the following information to the Credit Register:
  • Bank borrowers, guarantors of the borrowers (i.e. natural and legal persons), their obligations and the progress of the fulfillment of these obligations.  Borrower’s obligations arise under the loan agreement, leasing agreement, including financial leasing agreement, lease purchase agreement, agreement of lease repurchase, purchase warrants agreements, factoring agreement, bank account overdraft agreement or any other agreement that includes credit transactions, as well as trust credit agreement, where the participant issues the loan to the borrower on his own behalf, but for the benefit of another person. In turn, the borrower’s guarantor obligations arise under either the guarantor’s agreement or under the agreement of warranty issue, in which the borrower’s guarantor undertakes the obligations of the borrower. 
     
  • Debtors, including the information about the delayed payments, that are fixed in either the agreement between borrowers and guarantors (if the payment is made later than after 60 (sixty) days) and if the total amount of the late payments, including the interest on the late payment and penalty fee for at least 100 (one hundred) lats or the equivalent amount in the foreign currency) and the information of the fulfilment of the agreement.
    The Bank has to submit the information about the following changes to the Credit Register in 5 (five) working day period: newly issued credit, amendments to the already established credit agreement, late payments, the fulfilment of the obligations and the violations of the agreement. While the details of the borrower’s outstanding obligations, during the reporting period (for the end of each calendar quarter), should be updated by the Bank once per quarter within 10 (ten) working days of the end of the calendar quarter.
     
    The Credit Register collects the data about all the requests that have been made about exiting and potential borrowers.
 
Requesting data from the Credit Register
 

Credit Register data can be obtained by borrowers (however only about themselves). Any natural or legal person (borrower) is able to obtain all the existing data in the Credit Register free of charge.
 
In order to obtain the existing data from the Credit Register, either natural or legal persons must submit a written request to the Credit Register. The data in the Credit Register is usually available on the same day, however the arrangement of the data can take longer – according to Credit Register rules, the schedule for issuing the data is 5 (five) working days after the request is passed.
 
For more information please visit the Bank of Latvia website: http://www.bank.lv/

 
 

 




AS Expobank
Kr. Valdemara 19
Riga, LV-1010, Latvia
(+371) 67043510
info@expobank.eu
Cyprus Branch
I-Bank Latvia I-Bank Cyprus
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