Consumer rights

Neglecting to pay bills or debts may result in a bad credit record.

Payments that are simply delayed do not result in a bad credit record. Bad credit record for a private individual may be noted on the credit information register when

• consumer credit notified by the creditor is over 60 days overdue
• a court has issued a verdict ordering you to pay the debt
• the debt recovery officer has found you insolvent
• you have been granted a private individual's debt adjustment or you are in a voluntary debt adjustment process

A bad credit record usually has the following consequences:

• your credit and debit cards are cancelled (you will be entitled to keep your ATM card)
• you will find it significantly more difficult to get a credit
• you will not be able to enter into contracts to pay in instalments
• it will be more difficult for you to get a rental apartment
• you will need to put up collateral or make advance payments for telephone and insurance contracts
• it will be more difficult to get employment, particularly if the work involves financial responsibility

The credit information company will automatically send you notification of the first bad credit record in your name. Suomen Asiakastieto Oy is Finland's leading credit information company.

Bad credit record is generally kept on register for 2-3 years. Further bad credit records will extend that time period. Paying the amount due during that time period will shorten the time to two years. You have the right to request that information regarding payment made and the specific reason for the bad credit record (e.g. guarantee liability) are noted on the register.

You are also entitled to request an extract from the credit information register once per year from the credit information company. The extract will state what information is recorded in your name and how long it will be kept on register.