The Credit Register is a state information system managed by Latvijas Banka.
1. Regulatory enactments of the Credit Register
Latvijas Banka's "Regulation for the Credit Register" (issued pursuant to the "Law On Credit Register")
Latvijas Banka's "Regulation for Electronic Information Exchange with Latvijas Banka" (issued pursuant to the "Law On Credit Register" and "Law on Latvijas Banka")
2. Credit Register participants
Credit Register participant is an economic operator providing financial services associated with credit risks or taking over credit claims arising from the provision of financial services associated with credit risks, where it is one of the following economic operators:
- a credit institution registered in Latvia and an equivalent economic operator registered in another country that has opened a branch in Latvia;
- a commercial company registered in Latvia and having close links with the credit institutions registered in Latvia, as defined by the Law On Credit Institutions, or an equivalent economic operator registered in another country;
- an economic operator registered in another country and having close links with the credit institution registered in Latvia, as defined by the Law on Credit Institutions, or an equivalent economic operator registered in another country that has opened a branch in Latvia;
- a credit union registered in Latvia;
- an economic operator registered in Latvia and entitled to make insurance and an equivalent economic operator registered in another country that has opened a branch in Latvia;
- a state capital company, registered in Latvia, established and operating as a joint stock company and fulfilling a special task – implementing state development and aid programmes.
Credit Register participant with restricted status (a restricted Credit Register participant) is an economic operator that has lost a Credit Register participant's status and has entered data on the customer's obligations or customer guarantor's obligations in the Credit Register, where such obligations have not been terminated or the rights and obligations or credit claims arising from the customer agreement or customer guarantor's agreement have not been transferred to another person.
3. In order to initiate the exchange of information in the Credit Register,
the Credit Register participant shall perform the following duties:
1) sign an agreement "On Electronic Signing". It is necessary to conclude a single agreement for all types of information exchange with Latvijas Banka, including information exchange within the framework of the Credit Register, for submission of statistical reports and within the payment systems framework;
2) register IP addresses by submitting an Application for Registration of IP addresses (Appendix 1 to the "Regulation for Electronic Information Exchange with Latvijas Banka") to Latvijas Banka;
3) register at least two supervisors by submitting an Application for the Registration of a Supervisor (Appendix 2 to the "Regulation for Electronic Information Exchange with Latvijas Banka") to Latvijas Banka.
Latvijas Banka shall grant the Credit Register participant two licences of a supervisor and two licences of a user of the advanced security system free of charge. The supervisor may be registered as a user of the advanced security system as well.
The Credit Register participant may receive an additional licence of the advanced security system by paying one-off payment and the annual fee for the use of the Credit Register (Chapter 2.3 of the "Regulation for Electronic Information Exchange with Latvijas Banka").
Responsibilities of the supervisor in the Credit Register:
- registration, cancellation, renewal and change of access rights of the users of the advanced security system,
- file exchange service user registration and cancellation (if the respective service is used),
- maintenance of IP addresses from which the Credit Register participant logs into the Credit Register.
The supervisor shall carry out the managing measures in the advanced security system (address: https://entrust.bank.lv).
4) submit information to Latvijas Banka on outstanding liabilities on the date of the receipt of the status of a Credit Register participant (in writing by the tenth day of the month following the month of entering into an agreement; it is necessary for Latvijas Banka to calculate the fee for the use of the Credit Register).
4. Technical requirements
For the user to interact with the Credit Register, the user workstation shall meet certain requirements:
- operating system: Windows 7, 8, 8.1 or 10 (32-bit or 64-bit)
- Java version: 7, 8 with the latest available update;
- Internet browser: Internet Explorer 9, 10 or 11.
The usage of other software versions does not guarantee correct functioning of the advanced security system.
Information exchange (data entry and the Credit Register data updating, correction, cancellation and requesting) in the Credit Register shall or may be carried out:
- interactively – data submitted online on the Credit Register's website (address: https://www.kreg.lv);
- in file format – data may be submitted by sending each file separately (one at time) on the Credit Register website or by sending several files at the same time using the file exchange service (address: sftp.bank.lv);
- in web services format – intended only for data requests on a person and its obligations (address: https://kreg.lv/pieprasijumi).
In order to promote a successful operation in the Credit Register, the Credit Register participants shall have access to the test environment of the Credit Register (address: https://test.kreg.lv; the user's right to access the test environment shall be granted by the supervisor).
5. The scope of the data to be entered in the Credit Register and the time frame for the data entry
A Credit Register participant shall enter the data on current customers, customer guarantors and their obligations (as at 00.01 a.m. on the date of acquiring the status of the Credit Register participant) within three months of the date on which the status of the Credit Register participant has been acquired, as well as shall enter the data on customers and customers guarantors whose agreements take effect within three month of the date on wich the above statuss has been acquired.
Data to be entered in the Credit Register:
- data on a person – a customer and a customer's guarantor;
- data on customer's or customer guarantor's obligations – general and periodic data (including actual outstanding amount of the obligations). Obligations shall be identified with a unique general data identifier within the scope of the respective Credit Register participant's obligations.
- data on the violations of the obligations – shall indicate whether there is a violation which complies with the criteria of violation – the payment has been delayed for more than 60 calendar days and the amount of entire arrears amounts to or exceeds 150 euro. As soon as both criteria are met, data on the violation of the obligations shall be entered in the Credit Register. Where the violation has been eliminated, the data of elimination of violation shall be entered in the Credit Register. Each data on the violation and each data of eliminating the violation shall be identified with a unique data identifier within the respective obligations.
Time frame for data entry
|
Data on a person General data on obligations |
Shall be entered within five business days of: - the conclusion of the credit agreement - making changes to the credit agreement - the termination of the credit obligations |
The amount of data to be entered in the Credit Register depends of the type of the Credit Register participant. The contents of the data to be entered in the Credit Register and conditions for entry of data can be found in Chapters 2 and 3 of the "Regulation for the Credit Register". |
|
Periodic data on obligations |
Shall be entered within 10 business days after the end of each calendar month (on the situation at the end of the month) |
|
|
Data on the violation and elimination of the violation |
Shall be entered within five business days of the occurrence/complete elimination of the criteria. |
6. Monthly fee for using the Credit Register
A Credit Register participant and a restricted Credit Register participant shall pay Latvijas Banka a monthly fee for using the Credit Register. The amount of the monthly fee to be paid for the use of the Credit Register for the next six calendar months shall be calculated at the end of the calendar half-year, taking into account the number of the data entries concerning the customer's obligations entered in the Credit Register, as well as the sum total of the actual outstanding amount and the off-balance sheet amount of the respective customer's obligations at the end of the current calendar half-year.
Detailed information on the fee to be paid for the use of the Credit Register and payment procedure is available in Chapter 8.1 of the "Regulation for the Credit Register".
The monthly fee for the use of the Credit Register
| The number of the customer's obligations of the Credit Register participant or restricted Credit Register participant | Monthly fee for the use of the Credit Register (in euro)* |
| From 1 to 100 | 5.00 |
| From 101 to 200 | 8.00 |
| From 201 to 1 000 | 10.00 |
| From 1 001 to 3 000 | 15.00 |
| From 3 001 to 10 000 | 25.00 |
| From 10 001 to 30 000 | 70.00 |
| From 30 001 to 70 000 | 100.00 |
| From 70 001 to 110 000 | 150.00 |
| From 110 001 to 130 000 | 250.00 |
| From 130 001 | 280.00 |
| The sum total of the actual outstanding amount and the off-balance sheet amount of the customer's obligations of the Credit Register | Monthly fee for the use of the Credit Register (in euro)* |
| From 0.01 euro to 45 000.00 euro | 5.00 |
| From 45 000.01 euro to 80 000.00 euro | 10.00 |
| From 80 000.01 euro to 150 000.00 euro | 15.00 |
| From 150 000.01 euro to 1 500 000.00 euro | 20.00 |
| From 1 500 000.01 euro to 15 000 000.00 euro | 50.00 |
| From 15 000 000.01 euro to 80 000 000.00 euro | 100.00 |
| From 80 000 000.01 euro to 150 000 000.00 euro | 120.00 |
| From 150 000 000.01 euro to 800 000 000.00 euro | 300.00 |
| From 800 000 000.01 euro to 1 500 000 000.00 euro | 500.00 |
| From 1 500 000 000.01 euro | 550.00 |
*Value added tax is not applied pursuant to Paragraph 8, Section 3 of the Law "On Value Added Tax".