The Centrale des Crédits aux Particuliers is an entity established within the National Bank of Belgium. Its objective is to prevent over-indebtedness by providing lenders with information about the consumer’s current credits and any potential payment defaults. Our legal expert takes a closer look at the role of this major player in consumer credit.
Competencies of the Centrale des Crédits aux Particuliers
The National Bank of Belgium records within the Centrale des Crédits aux Particuliers (CCP) data related to consumer credits and mortgage credits taken out for exclusively or predominantly private purposes, as well as notices of collective debt settlement.
To obtain information on the financial situation and solvency of a potential borrower, the lender is required to consult the CCP prior to concluding a credit contract.
Furthermore, the lender must reassess the consumer’s solvency annually based on a new consultation of the CCP.
It should be noted that the CCP’s response must be aggregated. This means it can only relate to the number of credit contracts and the total amount of credits recorded.
Any consumer who takes out a consumer or mortgage credit subject to registration in the CCP must be informed of this by the inclusion of a specific clause in the said contract.
Positive and Negative Aspects of the Centrale des crédits aux particuliers.
The CCP is composed of two aspects.
The positive aspect is where consumer credit or mortgage credit contracts taken out by a consumer in Belgium are recorded.
The lender is required to communicate to the CCP the data concerning each credit contract within two working days after the conclusion of the contract.
The data retention periods in case of default are 3 months and 8 days after the end date of the credit contract.
The negative aspect is where delays or defaults in credit repayments are recorded.
Payment defaults are recorded in the CCP as soon as the amount due exceeds 3 months.
In case of regularization, the CCP retains the data for 12 months from the date of regularization of the credit contract.
Consumer’s Right of Access
Each consumer and each person providing security has free access to the data recorded in their name with the National Bank of Belgium and can freely and without charge request the correction of erroneous data.
This personal right of access can be exercised in three ways: via the Internet, using your electronic identity card, by letter, accompanied by a double-sided copy of your identity card, addressed to the National Bank of Belgium, at the counters of the National Bank, upon presentation of your identity card.
Any request from the consumer or the person providing security, aimed at correcting or deleting erroneous data recorded in their name, must also be accompanied by any document justifying the validity of the request.