Kruk S.A.

From June 14, the data of millions of Poles may be reported to credit information bureaus. On that date, the new law regulating the operation of BIGs (credit information bureaus) come into force. With the new law, all creditors are able to eliminate bad payers from the market. Debtors should realise that non-payment of their debts can have serious consequences.

Under the new principles, practically each creditor is able to report to BIG information about past due debts of each of their debtors under any legal title.

Among others, the new law offer the possibility to report debtor and debt details to debt collection companies and securitization funds.

Thanks to the above solution, data of debtors whose debts have been sold will not disappear from the information exchange system, as has been the case so far.
Also individuals (employees, consumers, customers of various companies and institutions) are able to use BIG to warn other entities against unreliable payers  (employers, building contractors, sellers) and thus encourage such bad payers to pay their debts. The condition is for the creditor to hold a writ of execution (writ of payment) or court decision appended with an enforcement clause. Also budgetary entities of communes, hospitals, co-operatives, foundations and associations are able to report information about their debtors.
Another big step ahead is the new possibility offered to BIGs to exchange data with their counterparts from EU member states and from the European Economic Area (cross-border data exchange).

All the above changes have one purpose – to eliminate the biggest possible number of bad payers from the market. People who are not paying their debts should be aware that when their data are reported to the ERIF Register of Debtors they may have very serious problems with getting a loan, HP agreement or subscribing for a service. They may be eliminated from the market for many years. Currently, in accordance with the new law, ERIF is sending demands for payment to debtors warning them about the possibility of reporting their details to the Register of Debtors. If they do not resolve their debts, in less than a month they will be reported to BIG.

Many people do not realise the consequences of their debts being reported to a credit information bureau. Therefore, a large-scale educational campaign is currently in progress targeted at people with debts. In its correspondence to debtors, the KRUK Group (including ERIF Register of Debtors) informs about the consequences of reporting and has been conducting a very intensive TV campaign broadcasted by the largest TV stations.  The aim of the above activities is to show consumers that non-payment of their debts is very disadvantageous for them.

Especially that the new law offers benefits to good payers.  Consumers are able to build their positive credit history because lenders (banks, credit intermediaries, telecoms), at the request of their customers or with the customers' consent, are able to report to BIG information about liabilities such as phone or Internet bills, loan instalments, etc. which are paid in a timely manner. A positive credit history may significantly facilitate getting a new loan or utility service.