How do you usually associate the Credit Information Bureau? As an institution that runs “black lists” of people who have or have had problems with paying off their loans. Therefore, they will not get any more because banks will be afraid to lend them money. Meanwhile, reality looks completely different. Firstly, the Credit Information Bureau maintains records for all those who have had or have a loan or loan contracted with a bank or Credit Unions. Secondly, as the institution itself says, only 10% of these registers refer to customers who have problems with timely servicing their debts. The remaining 90% of people are good banking clients and give their debts on time. Therefore, there is nothing to perceive BIK as a negative institution, moreover, we will prove in the further part of this article that thanks to it, we can get credit faster, cheaper and with smaller formalities.
What do you need the Credit Information Bureau for
Banks have always wanted to minimize their credit risk. Because thanks to this, there is a greater chance that the money borrowed will return to these institutions, of course along with interest due. This is why banks, when analyzing a loan application, calculate our creditworthiness, looking at our income, expenses, etc. However, the analysis of our financial capabilities does not always allow us to determine whether a given client will pay his debt on time.
Banks wanted to know how the claimant paid off his previous liabilities. Therefore, on the initiative of the Polish Bank Association, in 1991, the Bank Register of Clients Temporarily Not meeting the Obligations was created. However, in 1997, the Credit Information Bureau was established, which we deal with today. Currently, more than 650 institutions participate in the BIK information system, which consists of commercial banks, cooperative banks and Spółdzielcze Kasy Oszczędnościowo Kredytowe.
All these institutions provide BIK with information to clients who have loans, loans or are their guarantors. The information is about the amount of the loan, the amount of the installment, and above all about whether these installments are paid on time. From the data in the Credit Information Bureau, banks can benefit when someone applies for a loan. You can then easily check how much its current debt is (if it has one), how it is repaid, or what the repayment of earlier liabilities looked like. Thus, the bank can form opinions on the customer based on this information, which makes it much easier to take a credit decision. For if the applicant pays all his previous obligations on time, he will probably hand over new ones on time. However, if the loans were repaid with delay, it is likely that the new one will also be repaid in time.
How can we check our account at BIK Download a free report in BIK
Data in the Credit Information Bureau may be checked not only by credit and lending institutions. It turns out that every person who has a register in this institution may have access to it. All we have to do is set up an account at BIK. Each of us will have four options available during registration:
- statutory information – allows you to get a free report in which we can find all the information collected by BIK about us. Such a report can be obtained once every six months
- Credit Profile Plus – it allows you to have permanent access to your register in BIK, and we will also get access to our score,
- BIK Pass – it allows you to print our data in BIK or send it via e-mail
- BIK Alerts – this option can superbly protect us from extorting our loan name. For if a request for our data appears in BIK, we will receive information about it via SMS.
Creating an account in BIK is extremely simple. However, in order to maintain full security, we will have to verify our data. We can do it in three ways:
- We send a scan of our ID card to BIK and a bank account number. From this account, we make a verification transfer in the amount of PLN 1. When this amount reaches the BIK account and the data from the transfer will agree with the ones sent earlier, we will receive an SMS with the verification code, which should be entered in the User Panel.
- We sign the form using a qualified electronic signature. When BIK confirms the signature, we will receive a text message with the verification code to be entered into the User’s Panel.
- We fill out the form and ask BIK to send us a registered letter to our address, which will contain the verification code No. 1. If we enter it to the User Panel, we will receive a second code via text message, which we enter again into the User Panel.
Once our account has been created, we will be able to take full advantage of its capabilities. Why is it worth doing? Because of a few reasons. As we wrote earlier, this may save us from extorting loans to our name. Moreover, thanks to this we can assess our creditworthiness on an ongoing basis and constantly improve it. Anyone who has an open account at BIK may also monitor the amount of their obligations on an ongoing basis, their repayment dates, etc.
Why is it worth building your credit history
As we wrote at the beginning, a positive credit history can help us get a loan. If the bank sees that we use credit products and, most importantly, pay them off in a timely manner, it will certainly look at us with a “positive” eye and will credit us quickly. What’s more, people who have a high score in BIK , can negotiate interest rates or commissions, can obtain unsecured loans, and moreover their applications are dealt with faster than customers whose creditworthiness is lower. Banks also cautiously approach customers who do not have a credit history at all. They are treated in a similar way as those who pay their liabilities late. And all because the banks are not sure how this “new” client will pay his debt. That is why it is worth to start your credit history as soon as possible. We can, for example, apply for a low-limit credit card. We can buy something in the shop as part of the installment sale. We can also apply for debates to our account. Interestingly, using these products, our credit history will be created, and we will not have to pay anything for it. In the case of a credit card, we can use the interest-free period. All we need to do is use the credit card only for non-cash transactions, and we will pay all debt on time. In this case, the bank in which we have the card will not collect interest from us. In the case of installment purchases, in many cases it is a 0% loan. So no interest or commission is charged to us. Similarly, some banks do not charge interest on our debits if we do not use them.