Within the framework of a personal loan or a credit consolidation, the lender is required to advise you. If they refuse, or do not do it correctly, their responsibility may be engaged. Explanation.
The financial situation as well as the purpose of the credit, which may be linked to the purchase of goods. Furthermore, the financing of personal projects are the main points that the lender considers during a credit or credit consolidation. Thanks to this, they can evaluate the suitability of granting a credit. Provided that you are eligible for a personal loan, the lender must communicate certain essential information, such as the type of credit, which can be, among others, an installment loan or a line of credit, as well as the loan amount that aligns with your financial situation and the purpose of the credit.
Can the Lender Refuse to Grant a Loan?
Being eligible for a credit or credit consolidation is conditioned by several factors, a request for a personal loan can be refused by the lender. A salary that does not cover the credit repayments or the presence of other credits, whether with the same lender or others, are among the primary reasons that may lead to a refusal by the lender. It’s also pertinent to know that a new credit agreement is impossible if you still have one or more overdue debts amounting to a total of 1,000 euros, related to consumer credit, recorded in the Central Credits to Individuals.
In cases of other unpaid debts, additional motivation in the credit file is required by the lender for the issuance of a new personal loan agreement. In the case of a refusal by the lender, no compensation can be claimed! Except for the consultation fees of the Central Credits to Individuals.
If, for any reason, the lender has refused you credit or credit consolidation, communication of the various files that were consulted, as well as the identities and locations of their responsible parties, also known as data controllers, is free. You can then approach them and request correction of any erroneous information communicated.
Consulting Information in the Central Credit Register
Consultation of information in the Central Credits to Individuals is also free. For this, you have three different alternatives.
The first consists of writing a request to the Central Credits to Individuals, including a front-and-back photocopy of your identity card. The second method is to visit one of the counters of the National Bank of Belgium. In this way, you can obtain on-site the information you need. The National Bank of Belgium provides on its website www.nbb.be, the list and the address of the counters.
Finally, you can use the consultation method by means of an electronic identity card reader on the Central Credits to Individuals website. The National Bank of Belgium website gives you the opportunity to know the details of this consultation method.
Within the framework of a credit or credit consolidation, it is important for you to know your rights. Thus, you can avoid any surprises and will be able to assert them if necessary. The Commission for the Protection of Privacy website, www.privacycommission.be, gives you access to information and advice regarding your rights. You can also learn about the procedure to seek correction of your personal information.
