Until recently, Retrodatabase was “reserved” only for banks. Currently, more and more loan companies cooperate with him. All those who forward data to the Retrodatabase about the arising of the commitment do so immediately after signing the contract. The next information is sent after the payment of the obligation or in the situation when the debtors are late in paying the payment on time.
Who uses Retrodatabase?
Each bank is obliged to exchange data with the Credit Information Bureau. Banks are not only obliged to check future clients at Retrodatabase, but also to provide access to borrowers’ data. Thus, all transactions we make with the bank sooner or later will be visible in Retrodatabase.
We are talking about such activities as:
- debit on the account,
- activation of the revolving limit on the account,
- using a credit card,
- taking a loan or a loan.
That’s how banks act. And how do private companies work? Are non-bank loans visible in Retrodatabase? It all depends on whether the non-bank company cooperates with the Credit Information Bureau and whether it checks the debtors’ records before granting the loan. If the loan company checks the customer at Retrodatabase, it will pass the negative information to the registry in case of delay. If not, he will not do it (although of course he will provide information about the lack of repayment to other databases).
Currently, more and more non-bank institutions provide borrowers’ data to Retrodatabase. Thus, most non-bank loans are visible in this register. However, it is worth knowing that the loan company needs the client’s consent to transfer the data to Retrodatabase. Therefore, in the loan agreement or in the regulations of a given company, we can meet the following entry:
If we agree, our data will be forwarded to Retrodatabase. The Information Bureau will then receive information that we have taken a loan. The register will also show how we pay it back. Any delay in paying subsequent installments will be recorded.
How to check if the loan appears in Retrodatabase?
The easiest way to check whether a loan appears in Retrodatabase is to download a report on current liabilities. The history of repayment of loans and credits taken so far is also visible in Retrodatabase. In a situation where we have been late with repayment above 60 days, information about this fact may (but does not have to) go to Retrodatabase. If this happens, Retrodatabase will be able to process the said data for a period of 5 years without our consent. However, this applies only to “expired” payments.
If we have paid off our liabilities in a timely manner, we can withdraw the consent of the lender to process this information. When we decide to do it, Retrodatabase will “disappear” data about timely serviced loans and credits. However, the withdrawal of the previously expressed consent is pointless, because timely payments contribute to building a positive credit history and act in our favor.
In turn, bad data from Retrodatabase (at least before 5 years) can not be removed. The only thing we can do is to prevent delays in payments. We also have the right to request the removal of incorrect or obsolete data.
It is good practice to set “Retrodatabase alerts” so that we will know about every new loan application. We will also receive notification when someone checks us at Retrodatabase.
Does the bank know how many loans we have?
If an institution cooperates with the Credit Information Bureau, then how many loans we have will be visible to the bank. This will affect our creditworthiness and credibility, because the more active commitments we have, the less chance we have to receive another cash injection.
In a situation where we are not sure whether the company in which we took a loan cooperates with Retrodatabase, we can download a report from Retrodatabase and see what information about us are in it. Financial institutions that will provide us with a loan or loan will have access to the same report, they will check us in Retrodatabase. Information on whether a company cooperates with Retrodatabase should also appear on its website.
Are non-bank loans visible in Retrodatabase? Summary
From year to year, there are more loan companies that cooperate with Retrodatabase. As a result, they can act in accordance with the principles of responsible lending and protect their clients from falling into a debt loop. In addition, for many borrowers, the fact that their obligations appear in Retrodatabase is the best motivation to pay off their debts in a timely manner. Cooperation with Retrodatabase is also beneficial for the loan company. She can check a potential customer and take a look at whether he has been a reliable and timely payer.
It’s good to know that even if you see one of the debtors’ databases, it does not necessarily mean a negative credit decision. As the loan companies themselves claim, each application is considered individually, thanks to which even people with negative credit history can receive financial support. If we plan to apply for a loan from the bank, let us pay off our liabilities. This will help improve our creditworthiness and increase the chances of a positive credit decision.
So are non-bank loans visible in Retrodatabase? Yes, and from year to year, more and more companies exchange such data with Retrodatabase.