What is the Credit Information Bureau?
Posted: Tue Dec 24, 2024 9:57 am
Many of us have heard the acronym BIK, but not everyone knows what these recently popular letters mean. Let's decipher it, it is the Credit Information Bureau. An institution that is currently a joint-stock company (SA). Its main task is to collect, process and provide information on the credit history of bank customers and non-bank institutions, such as SKOKs. Using the collected data, BIK creates a credit history, e.g. of a bank customer. Institutions granting loans and credits can use it to gain credibility of a potential customer.
BIK History
credit information office
Source: BIK
The beginnings of the Credit Information Bureau date back to 1991. When the Polish Bank Association decided to keep a register of customers who did not repay their obligations. The breakthrough was the act on el salvador whatsapp database law passed in 1997, which allowed banks to exchange information about borrowers. Also in 1997, the Credit Information Bureau was officially established. The statutory task of the institution is to mediate in the transfer of information about the creditworthiness of customers.
Credit scoring
After several years of shaping the credit information exchange system in Poland, another breakthrough came in 2004. BIK introduced the Credit Scoring service. It consists of a point assessment of credit risk. The system determines the credibility of a potential client based on the profile of people who have already obtained loans. The results of borrowers who regularly repay their liabilities are taken into account. The value of points is calculated based on appropriate mathematical formulas. It is worth remembering about scoring when using cash loan calculators available online.
The "scoring score" can take values from min. 192 to max. 631 points. The score consists of all events from the credit history. Both negative and positive ones are taken into account, e.g. timely payment of installments and no arrears in repayment.
The Credit Information Bureau has revolutionized the debt information market
Currently, over 650 institutions participate in the information exchange system within the BIK, together with SKOKs and Cooperative Banks. Interestingly, according to statistics, almost 90% of the information collected is positive data for customers. A potential borrower, thanks to a positive credit history, can count on being granted a loan on better terms. Banks, thanks to information obtained from BIK, can more easily assess the client's situation and determine whether he will be able to repay his obligations on time.
BIK History
credit information office
Source: BIK
The beginnings of the Credit Information Bureau date back to 1991. When the Polish Bank Association decided to keep a register of customers who did not repay their obligations. The breakthrough was the act on el salvador whatsapp database law passed in 1997, which allowed banks to exchange information about borrowers. Also in 1997, the Credit Information Bureau was officially established. The statutory task of the institution is to mediate in the transfer of information about the creditworthiness of customers.
Credit scoring
After several years of shaping the credit information exchange system in Poland, another breakthrough came in 2004. BIK introduced the Credit Scoring service. It consists of a point assessment of credit risk. The system determines the credibility of a potential client based on the profile of people who have already obtained loans. The results of borrowers who regularly repay their liabilities are taken into account. The value of points is calculated based on appropriate mathematical formulas. It is worth remembering about scoring when using cash loan calculators available online.
The "scoring score" can take values from min. 192 to max. 631 points. The score consists of all events from the credit history. Both negative and positive ones are taken into account, e.g. timely payment of installments and no arrears in repayment.
The Credit Information Bureau has revolutionized the debt information market
Currently, over 650 institutions participate in the information exchange system within the BIK, together with SKOKs and Cooperative Banks. Interestingly, according to statistics, almost 90% of the information collected is positive data for customers. A potential borrower, thanks to a positive credit history, can count on being granted a loan on better terms. Banks, thanks to information obtained from BIK, can more easily assess the client's situation and determine whether he will be able to repay his obligations on time.