Bisnode keeps full registers of credit data to provide services for our customers to verify the credit status of an individual or business to help them manage their financial risks, such as minimizing the risk that credits are given to insolvent individuals.
Credit information has a vital function in society. It allows companies to verify the ability to pay for merchandise ordered, for a bank to verify that a customer can pay for a house mortgage among many other things. In particular for contracts via internet, online shopping, and more, Bisnode’s job of calculating and providing credit information as well as receiving and using credit information (our customers’ purpose) can be seen nowadays nearly as a given and mandatory while executing those online contracts.
Receiving credit information about a current or potential customer helps a company to secure its business by minimizing credit risks. Most companies will not grant a loan or credit if they cannot check the data subjects’ solvency.
In the markets where applicable Bisnode has a permit to handle credit information and follow credit information acts and other additional applicable laws.
By providing such service, Bisnode also enables the following general interests in society:
- keeping down the debt on consumers - prevent over indebtedness
- credit information is a vital enabler of the EU economy
- it is important for the economy that creditors can protect themselves against credit losses and for the credit applicants to obtain the requested credit
- from governmental perspective, important with provisions and rules for loss in the markets business and consumers
- important that the credit market and e-commerce is not restricted just because of the difficulties in assessing credit risks
The expectation varies through Bisnode markets, in many a data subject will expect to be found in a credit register. The handling of credit registers is different in various regions; private credit information countries are common in most markets but in some this is currently only handled by governmental agencies or banks. In the latter case Bisnode normally does not have any credit information business.