Credit for person on file: what is possible?

Going bad credit can be a barrier to borrowing money. However, this is not always the case. What is possible if you want to borrow money? More than you think!

Borrowing money starts with a “creditworthiness” test. This allows the lender to assess whether you are able to repay the loan.

Fixed and permanent income securities

First, your income should be fixed and stable. However, this does

not mean that only people with an open-ended contract can get a loan. You can also borrow money with a permanent benefit, such as a disability benefit. In recent years, lending opportunities for independent entrepreneurs have increased.

The amount of your income ultimately determines how much you can borrow.

Additionally, lenders will check if you have other loans. They do it through Cream Bank. All loans taken out in Belgium are registered with it. For a long time, access to your file

No problem loan with Cream Bank registration

Chances are you are registered with the Cream Bank. In addition to consumer credit, mortgages, overdrafts, credit cards and certain telephone subscriptions are also classified as loans.

For the sake of clarity, Cream Bank registration does NOT mean that you cannot take out a loan . Lenders will check if they are responsible for taking out a new loan in addition to your current loan (s) and what the amount may be.

In fact, an NBN record may even work to your advantage. If you have always met the payment obligation, this is positive for your risk profile. Companies are then more willing to make the loan.

It is difficult to lend money with a Cream Bank file

Borrowing money becomes more difficult if you have a Cream Bank file, because it means that there is, or has been, a payment arrears.

There are several Cream Bank listings:

  • An H rating, or ‘recovery’, means that you have no more arrears. Code H will remain in effect for 5 years after you have paid off the entire loan, regardless of when the arrears were paid.
  • The codes A1 to A4 mean that the arrears have not yet been settled. The weight of the Cream Bank file goes from a payment agreement concluded to the inaccessibility of the borrower, inclusive.

In case of negative filing, it is possible to contract a loan with the code H. Your arrears of payment must therefore have been settled. The weight of coding (A1 to A4) of the past determines whether you can finally borrow money.