BIK report – how to check it and why is it worth it?
The acronym BIK is well known to anyone who has ever applied for credit. It is a special database that collects information on the credit history of every person who has used financial products. The BIK includes borrowers, people who make installment purchases, guarantors of other people’s loans, and users of accounts with limits and credit cards. The BIK report, in turn, is very useful when we want to know in advance how our credit situation looks in the eyes of financial institutions.
What is the BIK and what data does it collect?
BIK stands for Credit Information Bureau, a special database established in 1997. Its primary task is to collect, compile and make available information on the repayment of financial obligations of individuals and businesses. This data allows financial institutions to assess the reliability and timeliness of customers’ loan repayments and to decide whether to cooperate with them. Having a positive credit history with the BIK is therefore a significant asset when applying for loans, installment purchases and other financial products. A negative credit history, on the other hand, can effectively hinder and often even prevent this process.
The BIK report contains all information about a person’s past and current financial obligations. In addition to the data itself on a specific loan, its duration and amount, it also contains information on the timeliness of repayments, delays and any other aspects that are relevant from the point of view of the financial institution. In addition to negative information, the BIK also collects positive data, which helps in applying for further financial products.
How to get insight into the complete BIK report?
In addition to financial institutions, the BIK report is made available upon request by its holder. In practice, any person who wants to verify his situation with the BIK can request it. It is generated completely free of charge once every 6 months. A BIK report is nothing more than a summary of your financial obligations (current and past) along with the history of their repayment. Thanks to it, it is possible to trace the history of repayment of individual loan installments and details of other financial obligations. This allows you to be fully aware of your credit situation and, based on BIK data, to take appropriate steps.
The BIK report is a very useful document if you are currently planning to take out a loan and want to assess your chances of getting one with a high degree of probability. A positive credit history significantly increases the chances of an expected response from the bank, while knowing you have a negative credit history gives you the opportunity to improve it before you go with a loan application. To download your BIK report, register on the Credit Information Bureau website and follow the instructions.
