On July 1, 2019, the Debt Register in Norway was launched. The purpose of the register is to give banks and financial institutions information about how much credit debt a consumer has to be able to make a more accurate credit assessment when applying for a loan or credit. The aim of Gjeldsregisteret is to help households in Norway not to run into financial problems by raising debt. Previously, banks and creditors have not had a full record of credit applicants' total unsecured debt in credit assessments.
Frequently asked questions and answers
What is Gjeldsregisteret?
Gjeldsregisteret is a database or a query portal where information on unsecured debt is available. There are two companies that have been licensed to operate debt registers in Norway. It is Gjeldsregisteret AS (Evry) and Norsk Gjeldsinformation AS (Finans Norge). Gjeldsregisteret AS has chosen to collect the information in a database. SEB and SEB Kort have chosen a solution where information on unsecured debt is obtained through a portal-based inquiry service operated by Norsk Gjeldsinformation AS. For this solution, information about registered debt is retrieved about the person to whom the request applies, directly from relevant banks or financial institutions.
What is shown in gjeldsregisteret?
The debt register shows how much unsecured debt (typically consumer loans and credit cards) you have, and how much credit limit you have been granted on various loans or credit cards. Information on nominal interest rates for individual loans or credits is also included in the registers. If debt is secured by a mortgage on an asset that the person does not own, the debt will be considered unsecured and will be entered in the register. Debts related to Sole proprietorships will also be listed in the registers.
The register does not show secured debt (such as mortgages and car loans), student loans, payment notes and debt collection cases, nor debt related to corporate credit cards.
Who is listed in gjeldsregisteret?
Everyone in Norway with unsecured debt will be listed in the debt register.
Who has access to gjeldsregisteret?
Apart from yourself, banks and financial institutions have access to your debt information. The credit information companies have access to this information in connection with the preparation of credit information (including credit scores). Norges Bank, the Financial Supervisory Authority of Norway and Statistisk Sentralbyrå can also retrieve information for analysis and statistics.
Where can I find information about my unsecured loans?
The information in gjeldsregisteret is incorrect. What do I do?
Please contact your bank or financial institution so they can check why the information is not correct. They are the ones who provide data to the debt register.
How long does it take to update incorrect information?
If you find any incorrect information in the debt register you must contact your bank or finance institution in order to get the error corrected. Usually, the updated information will be shown in the debt register on the same day as it is processed.
How much loan can I get?
The rule of thumb followed by banks and credit institutions, is that you should not be able to borrow more than a total of five times your income. In addition, you should be able to handle an interest rate increase of 5 percentage points.
What should I do if I have many unsecured loans?
If you have a loan – or several – with no collateral, we recommend that you look carefully at your financial situation, life phase and consumption patterns in relation to how many loans you can take. If you have trouble paying the loans, you should consider paying them off or changing them.
Should I get rid of my credit cards?
We recommend that you look carefully at your financial situation, life phase and consumption patterns in relation to how much loan you can make. If you have trouble servicing the loans, you should consider repaying or changing them.
Having a credit card is not only a financing option with a long repayment period. It is a way for you to make secure online purchases, as well as giving you travel insurance and various discounts on e.g. fuel, car wash or visits to restaurants. Consider the benefits of the services on your credit card. Keep in mind that it is always best to pay the entire credit card invoice so that you do not have to pay interest.
Should I reduce the credit limit on my credit cards?
We recommend that you reduce the size of your credit limit if you do not use it, as the credit limit will have an impact on the levels of loan you can get. If you use your card in connection with e.g. vacations when spending varies, you may want to keep the limit as it is today.