Credit Register

The Credit Register is an information system of the Bank of Latvia which started its work on 1 January 2008. It contains data on obligations assumed by each Client vis-à-vis the Bank, Client’s guarantors, guarantors’ obligations to the Bank and performance of these obligations.    

Information on loans

The data collected in the Credit Register provides information on all types of loans – mortgage loans, consumer goods credit, payment cards credit, financial leasing, loans for financing of current assets, operational leasing, factoring, etc., guarantees provided and other obligations. According to the Bank of Latvia “Regulations for the Credit Register” any new information on a loan issued, borrower, and borrower’s guarantors is submitted to the Credit Register within 5 business days after the commencement of said obligations (i.e., the date of conclusion of the agreement and the guarantee agreement.

Information on borrowers

The Debtor information, previously registered in the Bank of Latvia Register of Debtors was automatically registered with the Credit Register.
The Bank has an obligation to submit to the Credit Register data on the Client and/or Client’s guarantor as debtors within 5 business days upon occurrence of any of the following events:

Client or Client’s guarantor have been in arrears with a payment payable under the agreement or the guarantee agreement for more than 60 (sixty) calendar days and the total past due amount, including a late payment fee and contractual penalty, is at least 100 (one hundred) lats or its equivalent amount in other foreign currency;

Client or Client’s guarantor allows any other violation of the agreement, viewed as essential by the Bank, i.e. if the Client divests the subject of pledge, if an obligation is discharged by a guarantor, etc.;

if the Client or Client’s guarantor does not meet the requirements of Article 73 of the law On Credit Institutions: “Applying for a loan, or entering into other contractual relationships with a credit institution, or providing a report on performance of obligations, a client is obliged, upon request from the credit institution, to submit to the same complete and true information about its financial standing and property and about any property encumbrances, as well as other information that is necessary for the credit institution to establish whether the client is related to the credit institution or forms a group of mutually related clients for the credit institution”.

Right to receive information

The Client has the right to receive free information from the Bank of Latvia that is registered about the Client in the Credit Register, and about inquiries made about the Client by other credit institutions. In order to receive such information pertaining oneself from the Credit Register, a natural person or an authorized representative of a legal person has to submit a written request to the Bank of Latvia and present the following documents:

1. a natural person – passport or other person’s identity document;

2. a representative of a legal person – passport or other person’s identity document and the document certifying the official’s right to represent the legal person without special authorisation;

3. the custodian of a natural person – passport or other person’s identity document and the decision of the custody court on the custodian’s appointment;

4. an authorized representative of a natural or legal person – passport or other person’s identity document and a letter of attorney, certified by a notary, regarding the right to receive the Credit Register data.

Untrue information

In the event the Client considers that the Bank has included in the Credit Register unproved, untrue or erroneous information about the Client, the same has the right to submit a written complaint to the Bank, specifying the reason. The Bank replies to the Client in regard to a complaint submitted within 30 (thirty) calendar days after its receipt.