Small Debt, Big Trouble

Lending has never been so easy and fast thanks to the offer of loan companies operating on the internet, we have the opportunity to take advantage of payday loans and installment loans sitting comfortably in the home chair, in the proverbial 15 minutes. and bad credit history may make it difficult for us to use additional sources of financing for your needs. 

Loan capacity

Loan capacity

Online loan companies try to accurately determine the borrowing capacity of applicants for additional funds. To this end, they use a variety of methods – they take into account the information entered in applications and also check clients in debtors’ registers. The most common reason for refusing a loan is negative information received from the BIG. Many people do not even realize that they have bad credit history or an entry in debtors’ databases.

Who can enter the debtors’ register

Who can enter the debtors

When we can be entered in the debtors

According to the law, a customer may be entered into the database of the Economic Information Bureau, whose debt amounts to at least PLN 200, and 60 days have elapsed from the date of payment. After this period, each creditor (company or institution) has the basis to enter us in BIG. The entry must be preceded by sending a notification by post about this possibility. The notification letter should contain a request to pay the due amount and information about the intention to add an unreliable payer to BIG. The notification should also include the name of the specific office to which the debtor will be entered. You should be aware that failure to receive a notification does not protect us from further steps related to the procedure of entering the BIG.

Entry to the BIG database is not eternal. After settling the overdue liability, it should be removed. Under the law, the creditor has a maximum of 14 days to remove the debtor’s data, which repaid the obligation. From then on, we can re-build our positive story and gain creditworthiness .