Discover the National Bank of Belgium. The subscription of a personal credit contract, a consumer loan, or an installment loan is part of a triangular relationship between, on one hand, the client, the final consumer, and on the other hand, the credit intermediary, namely your broker, and the bank providing the funds.
This triangular relationship is overseen by the prudential control of the National Bank of Belgium. This state institution plays a fundamental role in consumer credit. It is somewhat the guarantor of the health of our economy and ensures the proper execution of credit contracts. It is a formidable database that records all the details of concluded credit contracts.
Obligations on credit intermediaries and banks
Credit intermediaries and banks have the dual obligation to:
- Register all signed credit contracts with the National Bank of Belgium.
- Also have the obligation to report credit contracts when two monthly installments have not been paid: this is known as listing.
Roles of the National Bank of Belgium
On one hand, all consumer credits and mortgage credits that fall under the scope of the law of August 10, 2001, relating to the Central Credit Register for individuals, as well as their payment defaults, are recorded in the ” Central Credit Register for individuals“.
The Central is also responsible for recording notices of collective debt settlements.
The data retention periods for credit contracts are as follows:
- For non-regularized contracts or unpaid debts, ten years from the date of the first communication;
- For contracts made due or in payment arrears, one year from the return to normal of the contract or the date of debt extinction;
- For ongoing contracts, 3 months and 8 days after the contract’s due date.
On the other hand, the “File of non-regulated registrations” contains the defaults incurred by consumers for certain consumer credits, mortgage credits, and other financial commitments that do not fall under the scope of the aforementioned law.
While the European Central Bank (ECB) is the central bank of the European Union (EU) and the eurozone, it is responsible for European monetary policy.
Among the main responsibilities of the ECB are the management of the currency and foreign exchange reserves of the eurozone, setting interest rates, and regulating and supervising banks and financial institutions in the eurozone. The ECB also plays an important role in managing public debt and overall financial stability in the eurozone.
Listing at the Belgian National Bank
As a reminder, in case of non-payment of two monthly premiums, your financial institution will proceed with listing the consumer.
The consequence is significant because the consumer will no longer be able to borrow before a period of 15 months after the regularization of their credit, that is, the full repayment of the borrowed sums.
How to delist from the Belgian National Bank?
To declare your delisting from the Belgian National Bank, you must fill out a delisting form and send it back to the Belgian National Bank. You can find this form on the website of the Belgian National Bank or by requesting it from your bank branch.
Here are the steps to follow to declare your delisting:
- Download and print the delisting form available on the website of the Belgian National Bank.
- Complete the form with your personal information, such as your name, account number, and address.
- Sign and date the form.
- Send the form by mail to the following address: National Bank of Belgium, Unrecoverable Debts Service, Montagne du Parc 3, B-1000 Brussels.
It is important to note that you may need to provide additional documents to justify your delisting request. For example, if you have ongoing debts, you may need to provide a copy of your credit contract or invoice.
It is also important to note that delisting does not erase your debt. You will still need to repay your debt, even if you are delisted. If you are experiencing financial difficulties, it is recommended to contact your bank or a credit advisor to discuss your repayment options.