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CREDIT SCORING IN SPAIN: BEYOND THE DEBTORS DATABASES

In many countries there are credit institutions that determine the credit scoring of a potential bank customer. In the United States, Canada or the United Kingdom, the credit score is a well known concept for users. In Germany there is a fairly complex credit history system in place, and other economic powers, such as Brazil, are taking actions to implement it.

In Spain there is no such a thing as a credit scoring system. The current credit rating of users consists of being included or not in debtors dabases. In other words, only negative credit history is considered, but not the positive one.

This list, the so called “Net Worth Solvency and Credit File”, is managed by the Risk Information Centre of the Central Bank of Spain, which disseminates it among banks and credit providers.

But what happens then with the positive credit? Perhaps, if in other countries it is taken into account, it could become a good tool both for users and for credit providers in Spain as well.

There are companies that collect credit data from customers who wish to apply for a financial product. Obviously, these data are not official and in no case can it replace the databases of the Central Bank of Spain, but perhaps they can help banks to complete these official databases.

We can´t forget that customer data must always be collected and stored in top level security, in accordance with the General Data Protection Regulations in force, and it must not be shared with third parties except when they are collected for that purpose.

An example of this type of company that collects credit data from its users is the comparison site monmia, whose customers fill out a questionnaire to see results of financial products adjusted to their profile and also offer a simulation of personal credit scoring. In this way, the user can know what products they can access, and the provider only gets those potential customers are eligible for their products.

Be that as it may, what is clear is that the new technologies of data analysis have come to make things easier for banks and credit institutions, we just need to see who will implement them first.

By Steven Myers

Retail finance expert.

Descargo de responsabilidad:
Este artículo es meramente informativo y no debe tomarse como un asesoramiento formal. Es importante leer con detenimiento las condiciones de cada producto antes de contratar y buscar la ayuda de un asesor profesional en caso de duda. Para los préstamos personales, es importante calcular el total a devolver, y en el caso de inversión, se debe tener en cuenta que las fluctuaciones del mercado pueden suponer un riesgo de pérdida sobre el capital invertido.