The data collected in the Credit Information Bureau is of great importance when you intend to apply for a loan. Thanks to a good credit history, you can get better credit terms – e.g. lower interest rates. However, the credit history of BIK not only records liabilities repaid in a timely manner, but also information about those loans or credits that you have not repaid on time. How to remove a bad credit history from BIK? Is this even possible?
What data is recorded by BIK?
When you apply for a loan, your data is transferred to the Credit Information Bureau. After granting you a loan, financial institutions (e.g. banks or loan companies) regularly provide BIK with information on how you pay the given liability (regularly or with delays). Until the loan is repaid, the data is updated at least once a week.
If you repay the loan regularly, information about it will become invisible to financial institutions when they check your credit history in the Credit Information Bureau (if you have agreed to process information on repaid loans, then they may also have access to this data).
If you had a delay in repayment, without your consent information about it can be processed for up to 5 years (if the delay was more than 60 days and 30 days have passed since you were informed about the processing of data on this loan).
Can you change the data in BIK?
As a consumer, you have quite limited options when it comes to modifying data in the Credit Information Bureau. To what extent can you edit your data?
- You can express or withdraw consent to the processing of data on the repaid loan,
- You have the option of submitting an application for bank restructuring,
- You can apply for correction of outdated data.
Is it possible and how to remove a bad credit history from BIK?
There are only 3 such situations during which you can request the deletion (or correction) of data stored in the BIK:
- You can revoke consent to the processing of data on repaid credit,
- After 5 years of repayment, you want to make sure that this information is no longer visible to financial entities,
- You can correct incorrect or outdated information.
Please note that the Credit Information Bureau does not affect the content of the information contained on the site. Shares what has been given to them by other financial entities, such as banks, loan companies and credit unions.
It is not possible to remove negative entries from BIK. If someone offers such services, you can be sure that such activity is a scam.
Check your BIK history regularly. When a negative entry appears, make sure that the record is a minimum 60 days late and 30 days have passed since the notification was sent by the bank. Also, consider whether in the event of a problematic repayment it is worth using loan consolidation.