Credit Information Bureau is a company which holds a licence issued by the Data State Inspectorate for services related to storage of credit histories of private individuals and companies, data processing, preparation of credit reports, calculation of credit rating and credit standing, monitoring of private individuals and companies. Through the bureau, private individuals may find out their credit standing data, keep track of the changes, and monitor their credit history. Credit histories of private individuals consist of two parts (presentation of the current credit liabilities and the history of payments). Based on the credit history data for the individual, banks, non-bank credit companies, leasing companies, telecommunication companies, and other crediting companies assess the individual's ability to return the loan. A bad credit history occurs due to delayed or overdue payments (delayed credit payments, outstanding telecommunication, public utility, or other payments). Individuals with a bad credit history cannot receive new credits or face difficulties in enjoying good or flexible terms and conditions when applying for new loans. History of debts outstanding – for 10 years, history of cleared debts – for 5 years, insolvency data and tax arrears are stored in the system for as long as they are available at the Registry of Enterprises or the State Revenue Service. There is no term fixed for positive information, and ever individual may decide whether to provide data regarding the duly effected payments in their credit history. The information about your outstanding and cleared debts can be requested only under the provisions of the Personal Data Protection Act. Legal entities require your consent to be able to check your data, as no one may request any information about you from either the credit bureau or any other register in case such consent has not been obtained. For this reason, it is important that you monitor the statistics for the visits of your credit history profile. In case you have any doubts with regard to any queries for your data, do feel free to address the party which has requested your information to find out the reason. You can monitor your credit history by registering on www.manakreditvesture.lv. If you wish to receive information about the debts registered in your name, we recommend that you register on www.manakreditvesture.lv, which is where you you will be able to check the history of your debts to the credit information cooperation partners. If you believe that the database of the Credit Information Bureau includes incorrect information, you need to submit a written objection to the Credit Information Bureau or the respective creditor in whose data the error has been found. As soon as you receive an official written response with a confirmation of the error, we shall be entitled to update the data in your credit history or remove the data from it. The interval between the time of the payment and the time of update of the information in the database by the creditor shall not be considered as an error. The credit bureau implements all the respective technical solutions and takes all the organisational measures in order to protect personal data against unintentional or unlawful destruction, alteration, or disclosure, and against any other unlawful data processing. The Credit Bureau protects privacy of the personal data available in the system operated by the Credit Bureau and also sees that no data become available to any third parties which are not authorise to access such data. Personal data are protected under the provisions of the Personal Data Protection Law. The more data about you are available in the database of the credit bureau, the easier it will be for creditors to decide about the issue of the loan. According to the information from the register of credits, the history is positive in 85-90% of all cases, and this has more favourable effects on the decision carried by the creditor, compared to a situation where no information is available for the client. No, your bank details are not stored in the database of the credit bureau, and they are not available to any third parties. When entering your bank details, they are used exclusively for identification purposes and purchase of services. For more information, please see “Our Privacy Policy”. No, no one may obtain any credit history data for any other individual, including data for any family members, except for cases when you can produce a notarised power of attorney that authorises you to receive such data. The credit bureau provided no loans/credits. To receive a credit/loan, you need to contact a bank, a leasing company, or a non-bank credit company. Please borrow responsibly! The credit bureau does not deal with collection of any debts, and this is done by debt collection companies.
Q&A
What does Credit Information Bureau do?What is credit history?What is bad credit history?For how long will information about my debts be stored in the system maintained by the credit bureau?Who has access to the information about my debts? How do I find out how much and to whom I owe?What shall I do in case any debt data are not correct? Are my data safe?Why do I need to give my consent for publication of my data in the database of the credit bureau?Are my bank details stored in the database of the credit bureau? Can I find out the debts of my son, daughter, or spouse? Does the credit bureau provide credits?Does the credit bureau deal with debt collection?