Have you ever worked in financial nests? It can happen to anyone.
The blacklist fortunately does not make an eternal judgment: just as suddenly as you came up with it, you get rid of it again. How long you stay on the blacklist depends on the type of loan and default.
The deletion is automatic. If you have settled your debt, you do not have to do anything. The default remains registered for 1 year, but that does not mean that you can no longer borrow in the meantime. After all, you are debt free!
Usefulness of the blacklist for you?
The black list sounds horrifying, but it certainly isn’t. In fact, it is no more than a tool for consumers and lenders to prevent really heavy debts.
The purpose of the blacklist is twofold: on the one hand to prevent you as a consumer from working (even) deeply in the debts, on the other hand to provide lenders with transparent information about your financial capacity. The National Bank of Belgium (NBB) collects data on all consumer loans and mortgage loans taken out by natural persons for private purposes. This NBB instrument against excessive indebtedness is officially called the Central Office for Credits to Private Individuals (CKP).
If you were unable to repay a loan on time, you may therefore end up on the black list. This ‘registration for non-payment’ occurs for various reasons, each time depending on the type of credit you have opened as a consumer. Do not consider the CKP as a punishment, but rather as a preventive measure against a greater indebtedness for private individuals.
Non-regularized versus regularized default
The legal term ‘file retention term’ refers to how long you can remain on this blacklist, managed by the NBB. Did you just fulfill your credit agreement correctly? Then you stay on it for up to three months and eight business days after the end date of the commitment. Have you committed a default payment? Then you will of course stay on it longer.
If you could not pay off your debt, you will remain on it for ten years. This from the date of the first registration of the – in this case non-regularized – default. Can you redeem the overdue debt over time? In principle, it will then remain on for 1 year from the approval of the debt repayment. Unless you exceed the 10-year period. You can therefore never stand on it for longer than 10 years.
Obligations and rights as borrower and lender
Financial institutions recognized by the Financial Services and Markets Authority (FSMA) are required to obtain information from the Central Office before granting a loan. This allows the lender to judge whether the repayment of the loan involves a risk or not. That risk calculation is assessed differently by each financial institution. So it is possible that you were not granted a loan by one institution, while another does not have a problem with this.
As a candidate for a loan, you have the right to request your details again. When the regulatory retention period has expired and you have therefore correctly fulfilled your commitment, you will be removed from the list. You can check this. As a consumer, you have a personal right of access to the blacklist. You can gain access via the internet, using your electronic identity card, by letter or at the counters of the National Bank in Brussels. You cannot obtain access by telephone. Is your information incorrect? Then of course you can request a correction.