The Bank of Spain has launched a notice to all those who want to request a loan from the bank, either to acquire a home or to buy a vehicle. The highest financial authority has referred to the process usual that banks carry out to grant or not the requested money.
Before granting a loan, banks make a solvency studya to know the delinquency history of the person interested in the credit. In this study it analyze the level of indebtednessto find out if you can afford to borrow more or not and if you will be able to afford the payments.
To do this, banks consult both the information contained in the Central Risk Information (CIR) like the one that appears in the calls “default files”, which are produced by private companies. The latter are private files of patrimonial solvency and credit, in which the unpaid debts of any kindfrom mortgage payments to bills such as the electricity bill.
At CIR, the public service who manages the Bank of Spainall the loans, credits, guarantees and risk operations that financial institutions assume with their clients appear, regardless of whether they are up to date with payments or have debts.
Those people who want to apply for a loan can request the data declared in the CIR in their name free of charge through the application «Request for reports and CIR Claims» available in the “Processing” section or in person at the headquarters of the Bank of Spain.
What do they look at in a solvency study?
The solvency It is one of the determining aspects for financial institutions to grant or not a loan. In these studies to find out the applicant’s finances and debts, banks usually evaluate the following points:
- Working life REPORT
- fixed income
- Work contract
- saving capacity
- Register of defaulters: reveals the applicant’s debts