Credit rating

The credit rating for a private individual is a figure which indicates the individual’s creditworthiness. The higher the calculated figure, the higher the individual’s creditworthiness. Calculations of creditworthiness are made for the next twelve months. The figure is obtained by carrying out mathematical calculations after analysing the information available in a private person’s credit history.

KIB operates as a financial data warehouse, which stores past information. When a private individual borrows money (for such things as property, a vehicle, or consumer goods), the lender notifies the KIB of the contract, providing details of the contract and personal information. The KIB also receives all information on late invoices from various service providers (including electricity suppliers, housekeeping, fuel post pay, and other service bills). Information is regularly updated, thereby providing the opportunity to analyse the individual’s creditworthiness and any changes in it.

Credit ratings can be requested by companies which enter into a credit agreement or a post-payment contract with a private individual if the individual in question has provided their consent.