Credit Information: Things You Must Know About

Many people know that banks and lenders dislike credit information, but fewer know why. Those who apply for loans in several places for a short period of time can reduce the chances of a good interest rate and, in the worst case, risk not having their loan application approved.

Your credit rating can deteriorate if a lot of credit information is taken on you for a short time. Here we list 6 things that you need to keep in mind to prevent credit information from damaging your credit rating.

Let’s start by clarifying the most important things first:

What is a credit report?


A lender needs good evidence to determine the risk of lending and granting of credit. According to the Consumer Credit Act, banks and lenders must take a careful and careful credit check before granting a loan. A credit report is used to make a risk assessment if you have financial prerequisites to pay interest and repayment on a possible loan, which is based on your personal financial history and current situation.

A credit report is registered for 12 months and contains information about your:

  • Loans and active credits
  • Payment notes and debt balances
  • Previous credit information (last 12 months)
  • Personal information such as name, address, income, property holdings and marriage regulations.

This takes us to the list of the 6 things you need to know about credit information:

Two types of credit information


For private individuals, there are two different types of credit information; Micro information (UC13) and Personal information (UC3). These contain different amounts of information and affect creditworthiness to varying degrees. Below you can see what each contains:

Personal Information (UC3):

  • Name and address
  • Income data two years back
  • Marriage
  • property Holdings
  • payment Notes
  • credit inquiries
  • Debt balance at Kronofogden
  • Active credit

Micro Information (UC13):

  • Name and address
  • payment Notes
  • Debt balance at Kronofogden

A personal information (UC3) is apparently a more comprehensive information that is always registered on you and thus affects your creditworthiness, especially if a lot of personal information is done on you within a short period. This type of information is always standard in, for example, the loan application when the lender needs all the information they can get to make an adequate risk assessment of you.

The less detailed Micro Information (UC13) is a milder variant that is not recorded and therefore does not affect your credit rating . If your future landlord says that he or she wants to take a credit report on you, then you can then ask if the information contained in a micro-information is sufficient.

So the tip here is to try to avoid personal information and prioritize micro information to the extent possible. Good to know then is that different parties have the right to / can see different information (for example, lenders can see more than one mobile operator).

There must be a legitimate reason


The actor who is interested in taking a credit report on you must, by law, have a legitimate reason, which limits who can do credit information on you. In addition, you must always approve a request that credit information is taken on you before it is executed, which you should only do if there are legitimate reasons.

A legitimate reason could be, for example, if you make a loan application from a bank, rent an apartment or be employed in a higher position with financial responsibility (eg financial manager).