Some personal data of the so-called consumer credits that are entered into are acquired by law from the central credit information office. Under the Consumer Credit Act, this office records credit and leasing transaction data as well as credit card charges.
In accordance with the provisions of the law, companies offering financial services are obliged to check the solvency of customers and therefore decide whether to grant the loan or not.
In order to take into account the pre-existing commitments of the credit granting decision, and therefore to better protect consumers from over-indebtedness, the Consumer Credit Law obliges those who professionally grant consumer credit to announce existing consumer commitments to the Central Credit Register. information for consumer credit.
Notification obligations of the loan issuer
Credit issuers are not only obliged to communicate credit concessions to the consumer to the credit information office, but also, for example, when a customer is late with the repayment of the installments.
The importance of securing a good reputation
Be cautious when preparing your budget. Take into account all expenses, especially fixed ones, but also variable expenses such as expenses for exits, gifts, cigarettes, alcoholic beverages, etc. Don’t assume that you can tighten your belt further during the credit period.
Be honest with yourself: can you really afford to satisfy your consumer desire and finance it with a loan?
Also, try to imagine what changes your budget could undergo during the credit period. Is your job guaranteed? Will the domestic relationship with your partner last throughout the credit period or are there already serious signs of a crisis? Could a child be born there at that time?
Pay at least the agreed minimum installments: of course, you can always pay higher installments.
If your financial situation worsens and you can no longer meet your commitments, the best thing to do is to notify the creditor immediately or contact a debt advice service. In case of financial problems: contact the debtor’s advice office.
In the event that your financial situation worsens, the best solution is to go directly to a debtor advice office.