Running-account loans

• Loan number
  • The loan number is a unique loan identifier created by the lender.
• Loan contract concluded
  • The date of conclusion is the date when you and the lender concluded a binding contract.
• Peer-to-peer loan
  • The lender reports to the register whether they have brokered the loan as a peer-to-peer loan broker. Brokering of a peer-to-peer loan refers to a situation where a private individual, for example, borrows money to another private individual through a company acting as a peer-to-peer loan broker.

Name for marketing purposes

• The lender reports its own marketing name or auxiliary business name to the register. ‘Marketing name’ here refers to the name that the lender uses for the purposes of marketing.

Identifier

• The lender's identifier is the company's Business ID. If the lender is non-Finnish, it reports a foreign business ID instead of a Finnish Business ID.

Official name

• The lender's official name is the trade name registered in the Trade Register.
  Please note that the lender’s marketing name and official name are not necessarily the same. If you have any questions about your loan data, always check the lender’s official name and make sure you contact the lender with the official name. 

Here you can see the number of debtors in your loans. 

• You can see the first and last names of debtors who have a Finnish personal identity code. If a co-debtor does not have a Finnish personal identity code or is a company, for example, you do not see their name. 

At Loan currency, you see in which currency the loan was granted to you.

• Credit limit
  • The lender reports the credit limit agreed on for a running-account loan. The credit limit refers to the maximum amount of credit available to you.
• Loan balance
  • The lender reports the loan balance, i.e. the amount of credit you have used. In running-account loans, the amount of loan balance is the amount of debt. The lender reports the amount of loan balance for the running-account loan according to the situation on the calendar day following the monthly due date or, if there is no monthly due date, on the last calendar day of the month.
  • For example, if you have paid with a credit card and pay the entire credit card invoice on the monthly due date at the latest, loan balance will not be reported to the register. If you pay only part of the invoice on the due date, the lender will report the remaining balance to the register.
• Balance date
  • The lender reports to the register the date on which the loan balance was reported.

The lender reports your one-time loan expenses to the register. The one-time expenses include:

• expenses and fees charged for a loan application and conclusion of a loan contract
• fees charged for the use of a certain payment instrument
• loan arrangement fees 
• service fees or the like 
• fees payable to a loan broker when a loan contract is made or a credit opened 
• separate charges for transferring loan capital to an account, such as additional charges for expedited processing or withdrawal. 

The lender reports your loans’ interest information to the register. The information is shown only to you. Lenders have no access to your interest information, not even through credit register extracts they request about your data. You will see the following interest information:  

Total interest rate

The total interest rate shows the loan’s total interest in percentages. Examples for components of the total interest rate:

• If a lender collects a margin of 1% plus the Euribor, which is also 1% on the date of conclusion, the lender reports that the total interest rate of the loan is 2%. 
• If the loan is interest-free, the total interest rate is 0. 
• If varying interest rates may be collected on the loan, the lender usually reports the highest interest rate to the register.
• If your loan has been accelerated and only late-payment interest is collected after the acceleration, the total interest rate is not available in the e-service.

Margin rate

The loan's interest rate usually consists of a reference rate and a margin rate.

• ‘Margin rate’ refers to the charge for the loan that the bank collects in addition to other expenses.
• The lender determines the margin separately to each client in a loan contract, for example.
• If your loan has been accelerated and only late-payment interest is collected after the acceleration, the margin rate recorded in the register may be 0.

Effective interest rate on the date of conclusion

‘Effective interest rate’ means the effective annual interest rate calculated in accordance with the Consumer Protection Act and communicated to you in conjunction of the conclusion of the loan contract.

• If the contract contains alternative interest rates, the lender usually reports the highest effective interest rate at the time of conclusion of the contract.

Interest type

The interest type is one of the following:

• The Euribor rate (Euro Interbank Offered Rate), generally used as a reference rate for loans and savings in the financial markets of the euro zone.
• The bank’s own reference rate, which may be changed independently by the bank or group of banks. The bank’s own reference rate is often called the Prime rate.
• A fixed interest rate, which remains the same throughout the agreement period or for the duration of the loan.
• Other variable interest, i.e. other than the Euribor, the bank’s own reference rate or a fixed interest rate. Other variable interest may also be shown for an accelerated loan on which only late-payment interest is collected.
• Interest-free: a loan is interest-free if no interest is collected on the loan under the loan contract.

Period for interest determination

The period for interest determination refers to the period for which a given interest rate is valid before it is reconsidered and may change. For example, if the interest type is the Euribor, the period for interest determination has probably been agreed to be 1, 3, 6 or 12 months. The most common interest type for home loans in Finland is the 12-month Euribor. In these cases, the period for interest determination is reported to be 12.

End date of the period for a fixed interest rate

• If an initial fixed interest rate has been agreed on for your loan, the end date of the period is stated here provided that the lender has reported it to the register.
  Type of linkage to a benchmark interest rate after the fixed interest rate period
• Your loan may have been agreed to have a fixed interest rate for a certain period of time. If the loan period continues while the fixed interest rate period ends, the interest type applied to the remaining part of the loan is stated here.
  Late payment interest
• The e-service does not show any late payment interest because it is not reported to the register.

An interest rate restriction, also known as an interest rate cap, is shown in the e-service if one has been set for your loan. An interest rate corridor, an interest rate cap and a fixed interest rate are reported to the register but other interest rate restrictions are not reported.

The lender reports the payment transactions of the loan to the register. In this section, you can see only the latest payment transaction. The lender reports the amount of interest and the amount of loan expenses other than interest separately. In addition, the lender reports the date on which the latest payment transaction was made. In running-account loans, amortizations are not reported at all. If the value shown for the latest payment transaction is 0, the lender may have been correcting an error.

You can see any deferments of amortizations in the e-service. A deferment of amortizations refers to an agreed period during which your payments are deferred. You may need to pay interest or charges, however, even if you do not make repayments towards the loan principal. A single loan may have multiple deferments of amortizations.

Only the deferments of amortizations you have separately agreed on with the lender are shown in the e-service. You will see both the start and end dates of the deferment periods.

Deferment periods that are an integral part of the loan contract and are under your control are not shown in the e-service. No separate agreement is made on them with the lender. 

The lender reports to the register the income data it has established to assess your creditworthiness during loan negotiations, for example. The lender reports the income as monthly income, divided into gross and net income. The income data is always shown in euros. If only gross income or only net income has been established, the lender reports only that. At Income data, you will find a description of the income data disclosed to the lender on your credit register extract. The register receives the income data from the Incomes Register.

• Gross income
  • Gross income refers to the income about which the lender has received information from you and from which no taxes have been withheld or other deductions made.
• Net income
  • Net income refers to the income about which the lender has received information from you and from which taxes have been withheld and other deductions made.

The e-service shows whether your loan is a loan as referred to in the Consumer Protection Act, such as a home loan, student loan or car loan.

Examples of a goods or services related credit include a credit card and a loan granted for the purchase of a car.

• This data item is reported only on consumer credits. In other words, if you have taken out a loan of this type in the capacity of business name entrepreneur for purposess of business, the data is not shown in the e-service.
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Under the Loan status section, you will find the following information.

• The loan has delayed amounts
  • If delayed amounts have been reported for your loan, you will see it here. The information is reported as Yes/No.
  • The lender reports delayed amounts to the register only if they are at least 60 days late.
  • The lender will remove the delayed-amount entry when you have paid the delayed amount in full.
• The loan has been accelerated
  • If your loan has been accelerated to be paid in full, you will see it here. The information is reported as Yes/No.
  • Note that if the loan has been accelerated for a reason other than a delayed amount, information about the acceleration is not shown in the register.
  • The lender will keep informatioin about the acceleration in the loan information until the loan contract has been acclerated. A new payment plan agreed on with a debt collection agency, for example, to pay an accelerated loan does usually not cancel the acceleration. You can discuss acceleration in greater detail with your lender.
• The loan is included in a payment plan in a debt arrangement
  • If your loan is included in a payment plan in a debt arrangement confirmed by a court of law, you will see it here. The information is reported as Yes/No.
• The loan is included in a business restructuring program
  • If your loan is included in a business restructuring program confirmed by a court of law, you will see it here. The information is reported as Yes/No.
• The loan has been transferred from another lender
  • If the original lender has transferred your loan to another lender, you will see information about the transfer here. The information is reported as Yes/No. The lender may also decide not to report the information, in which case you will see the text ‘No data has been reported’.  
• The loan is transferred to another lender
  • If your loan has been transferred to another lender, you will see it here. The information is reported as Yes/No. The lender may also decide not to report the information, in which case you will see the text ‘No data has been reported’.
• The loan has ended
  • The information is reported as Yes/No.
  • When the lender reports a loan as ended, the loan details will no longer be shown in the e-service or on credit register extracts.
  • If the loan is transferred to another lender, the loan may be shown as ended for a few days before the loan data is removed from the register.
• The accuracy of loan data has been denied
  • The information is reported as Yes/No.
  • This is shown when you have denied the accuracy of loan data and requested that the processing of your data should be restricted on the basis of Article 18 of the EU General Data Protection Regulation. Information that you have denied the accuracy of loan data will be disclosed to lenders on your credit register extracts.
  • We will remove the entry upon your request.
  • The entry will also be removed when we have verified the accuracy of the data you had denied or the lender has corrected any incorrect data.
• Borrower’s Business ID is linked to the loan
  • If a loan has been granted for your business operations, your – i.e. the borrower’s – Business ID will be shown here. 

Here you will see when the lender last updated the loan data. The lender may have updated one or more data items.