The Credit Information Bureau supports responsible borrowing by legal entities and private individuals and disciplines them in the fulfilment of the obligations they have undertaken.
In the system maintained by the Credit Information Bureau, responsible and development-oriented companies jointly assure an opportunity to build credit histories of legal entities and private individuals.
EACH INDIVIDUAL BUILDS THEIR CREDIT HISTORY THEMSELVES, AND THEY ARE RESPONSIBLE FOR THE IMPACT OF CREDIT HISTORY ON THEIR CURRENT AND FUTURE WELL-BEING
Credit history builds over an extended period of time and consists of the cleared and outstanding liabilities. The credit history may be influenced by the history of your payment discipline, which includes not only the fulfilled, but also your current obligations and how accurately and timely the undertaken obligations are being fulfilled.
The Credit Information Bureau receives information and processes it using pre-defined algorithms in order to determine the credit standing of entities/individuals, assess their solvency, monitor the changes occurring in their solvency, and to provide timely notifications to creditors online.
THE DATA EXCHANGE BETWEEN CREDIT BUREAU MEMBERS IS SUPERVISED BY THE DATA STATE INSPECTORATE
“EVERY NATURAL PERSON IS ENTITLED TO PROTECTION OF THEIR PERSONAL DATA”
THE CREDIT INFORMATION BUREAU ASSURES THAT YOUR PERSONAL DATA IS PROCESSED IN ACCORDANCE WITH THE PROVISIONS OF THE PERSONAL DATA PROTECTION LAW
THE MOST IMPORTANT SECTIONS OF THE PERSONAL DATA PROTECTION LAW which regulates the flow of personal data between the users of the system maintained by the Credit Information Bureau:
DATA SUBJECT – a directly or indirectly identifiable natural person.
CONSENT OF A DATA SUBJECT – a freely, unmistakably expressed affirmation of the wish of a data subject, by which the data subject (a directly or indirectly identifiable natural person) allows his or her personal data to be processed in conformity with the information provided by the administrator in accordance with Section 8 of this Law.
PROCESSING OF PERSONAL DATA IS PERMITTED ONLY IF NOT PRESCRIBED OTHERWISE BY LAW, and if at least one of the following conditions exists:
1) the data subject has given his or her consent;
2) the processing of data results from contractual obligations of the data subject or, taking into account a request from the data subject, the processing of data is necessary in order to enter into the relevant contract;
3) the processing of data is necessary to an administrator for the performance of his or her duties as specified by law;
4) the processing of data is necessary to protect vitally important interests of the data subject, including life and health;
5) the processing of data is necessary in order to ensure that the public interest is complied with, or to exercise functions of public authority for whose performance the personal data have been transferred to an administrator or transmitted to a third person;
6) the processing of data is necessary in order to, complying with the fundamental human rights and freedoms of the data subject, exercise lawful interests of the administrator or of such third person as the personal data have been disclosed to.
(1) When collecting personal data from a data subject, an administrator has a duty to provide a data subject with the following information unless it is already available to the data subject:
1) the designation, or given name and surname, as well as address of the administrator;
2) the intended purpose for the personal data processing.
(2) When requested by the data subject, the administrator shall provide the following information:
1) the possible recipients of the personal data;
2) the right of the data subject to gain access to his or her personal data and of making corrections in such data;
3) whether providing an answer is mandatory or voluntary, as well as the possible consequences of failing to provide an answer;
4) the legal basis for the processing of personal data.
(3) Paragraph 1 of this Section is not applicable if the conducting of the processing of personal data without disclosing its purpose is authorised by the law.
(1) An administrator may entrust processing of personal data to a personal data processor provided a written contract is entered into between them.
(2) A personal data processor may process personal data entrusted to him or her only within the amount determined in the contract and in conformity with the purposes provided for therein, and in accordance with the instructions of the administrator if they are not in conflict with the laws and regulations.
(3) Prior to commencing processing of personal data, a personal data processor shall perform safety measures determined by the administrator for the protection of the system in accordance with the requirements of this Law.
THE CREDIT INFORMATION BUREAU ASSURES THAT YOUR PERSONAL DATA ARE PROCESSED IN ACCORDANCE WITH THE PROVISIONS OF THE LAW ON CREDIT INFORMATION BUREAUS
THE MOST IMPORTANT SECTIONS OF LAW ON CREDIT INFORMATION BUREAUS which regulate the flow of personal data between the users of the system maintained by the Credit Information Bureau:
CREDIT INFORMATION — data obtained from the sources of credit information stipulated in this law and describing the credit standing of the potential client;
DEBT — outstanding payment obligations a client has to a user of credit information, in case such obligations have not been fulfilled within the term fixed in the agreement with the client or the applicable regulatory acts;
CREDIT STANDING — the probability that the client or the potential client will fulfil their obligations according to the agreement signed with the client;
CREDIT RISK — the probability that the user of credit information will suffer loss in case the client or the potential client is not able to or refuses to fulfil the payment obligations to the user of credit information as per the agreement signed with the client.
CREDIT RISK MANAGEMENT — a set of measures a user of credit information takes during the effective period of the agreement signed with the client in order to monitor their credit risk.
The purpose of the Law is to provide input in order to support responsible crediting and responsible and honest borrowing through facilitation of the building of credit histories of persons, as well as to assure protection of the rights of natural persons, so that true and complete information is used for the assessment of their credit standing.
POTENTIAL USERS OF CREDIT INFORMATION INCLUDE:
2) entities performing professional activities as per the Law on Population Income Tax;
3) individual enterprises, peasant or fisherman households, craft businesses, or family businesses;
4) cooperative partnerships;
5) local governments or their bodies in case they sign an agreement implying any credit risk, or provide public services or assure management of a residential building.
(1) The user of credit information may include information about a debt into the database maintained by the credit information bureau in case one of the conditions exists:
1) the debt has been confirmed by an effective court ruling or a judgement issued by a court of arbitration;
2) at least 60 days have passed since the first day of delay on the payment, and at least 30 days have passed since the date of sending the notice regarding the respective debt as per Part 2 of this Article, but the debt has not been cleared and the client has not disputed the existence or amount of the debt in writing;
3) at least 60 days have passed since the first day of delay on the payment, and at least 30 days have passed since the date of sending the notice regarding the respective debt as per Part 2 of this Article, but the debt has not been cleared and the client has disputed the existence or amount of the debt in writing, and the user of credit information has given a substantiated reply along with copies of the documents confirming the existence of the debt and the amount thereof, and has informed them that information about the debt would be included in the database maintained by the credit information bureau;
4) the client has accepted that the user of credit information includes information about the client’s debt into the database maintained by the credit information bureau. Such consent of the client shall meet the requirements established regarding the consent of the data subject in the Personal Data Protection Law, and the consequences of such consent shall be explained to the client.
(1) The following information about the client’s debt shall be included in the database maintained by the credit information bureau:
1) the client’s name, surname, and identity number, or other information which identifies the client;
2) information about the amount of the debt, including information about the initial amount of the debt, the actual amount of the debt, and the first date of the delay;
3) the date of inclusion of the information about the debt into the database maintained by the credit information bureau, and the date of the last update of the information about the debt;
4) information about clearance of the debt, the date of clearance of the debt, and the type of clearance of the debt;
5) information about the user of credit information which included the information about the debt into the database maintained by the credit information bureau;
6) information about the sector of the user of credit information which included the information about the debt into the database maintained by the credit information bureau as per Regulation (EC) No. 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains (Text with EEA relevance), insofar as the description of the sector corresponds to the purpose of the processing of the particular data;
7) information about whether the client has expressed any objections in writing against the existence or the amount of the debt, including information about whether any court judgements are pending with regard to any dispute about any rights with regard to the existence or the amount of the debt.