Quite a useful tool for both those companies that offer loans and credits, as well as for private individuals, the gjeldsregistret, or the Debt Register, has an important place in the financial world. It can be rather important for people before they apply for loans, whether personal ones, or home loans, as well as for companies that have to perform credit checks. It is a register that provides all the necessary information to both parties, helping them, thus, go through the right steps towards either getting or extending a loan offer.
As a private individual, you may not have a complete understanding about how the Debt Register works and how useful it can be for you. Sure, you’ve heard that it exists, and perhaps you even know how to access it, but that is not enough for you to be able to use it to your advantage perfectly. Instead, you need to get a clearer understanding about everything, so as to comprehend your particular financial situation, as well as to get the perfect idea about what to do if you want to borrow money from one financial institution or another.
So, to cut to the chase, there are quite a lot of things you have to know about this particular tool. If you go to besterefinansiering.no/gjeldsregisteret/, you will automatically see that there are some significant pieces of information you have to obtain about this specific tool in order to comprehend it and figure out how it can be of use to you. The great thing is that you can get all the information you need online, meaning you will be able to learn everything you need to know about this tool and about how to use it the right way.
Since it is clear that you can get all the information online, you are probably eager to get it as soon as you can. Well, how about I provide you with some quite relevant info below? I will list some of those things that you absolutely have to understand about the Debt Register, and that will help you get a better idea about what it is, how it works, and how you can actually benefit from checking it and using it before making any borrowing decisions, or any other kinds of financial decisions for that matter. So, let’s check what you need to know.
- Check Your Info in the Debt Register
Are you wondering why you, as a private individual, should check the info in the Debt Register on a regular basis? If you’ve never done this before, it is completely normal for you to be confused about why doing it is so important. It is time, however, to get to the bottom of that and thus lead you towards getting a complete understanding of why checking the tool is a must.
First off, with the tool, you can check the total amount of your unsecured debt, which will allow you to get a better assessment of your overall financial situation. Then, you can also check it when thinking of getting a mortgage, so as to get an overview before applying. And, of course, there is also the fact that some mistakes may creep up in the Register, which is why you need to regularly check it, aiming at detecting the errors on time and correcting them.
- It Is Regularly Updated
You can’t benefit from outdated information, can you? Well, this is nothing to worry about when it comes to this particular tool. It is actually updated on a regular basis, and the information is basically available in near real time. Meaning, therefore, that you will always get a clear and a truthful overview of everything you need, because any changes are added to the Register almost immediately. Getting such fresh information can undeniably come in handy in various situations.
- It Shows Only Unsecured Debt
What you have to know about the Debt Register in Norway is that is actually shows only unsecured debt – a concept further explained on this page. Those include unsecured loans, as well as debt on credit cards. Your mortgages and other types of secured borrowing won’t be shown by the tool. But, this is enough for creditors to assess your situation, as well as for you to track your finances and ensure that you’re not accumulating too much unsecured debt that could negatively affect your overall personal finances.
- But It Affects Secure Debt As Well
While the tool only shows unsecured debt, it actually has an impact on the secured one as well. How come? Well, to put it as simply as possible, it affects your ability to take out a secured loan, such as a mortgage, for example. The lenders will use the Register as a credit assessment tool, meaning they will either approve or reject your, say, mortgage application based on the data in the tool – the date concerning your unsecured debt.
- It Can Help You Not End Up in Debt Default
Simply thinking about debt default can be quite scary, and let alone experiencing it. Well, one of the reasons why this tool has been created was to help private individuals avoid the default. By taking into account your credit cards and any other debts before getting a mortgage, for example, you will be able to assess your specific financial situation and determine if you can make all the payments or if you would be at risk of defaulting. As you can see, the tool can be rather useful, providing you with an overview of everything you need to know before you take out another loan and before you trap more of your money into debt.
- It Provides for a Comprehensive Credit Assessment
Another great thing about the Register is that it provides for a more comprehensive credit assessment. This is good for the lenders, but it is also important for the borrowers, because they get a sort of a guarantee that their financial situation will actually be precisely assessed and that the approval or rejection decision will be made based on comprehensive data. Plus, if you get rejected after the credit assessment done with this tool, you are less likely to default, meaning you are rejected for a reason and the rejection could actually protect you.
- It Helps You Determine How Much You Can Borrow
Whether you’re thinking about taking out a personal loan, or a mortgage, you may not be sure about how much you can actually borrow at one point or another. The Debt Register will help you easily calculate that. And, since the information is regularly updated, you can rest assured that you will be able to get a precise overview about how much money you can actually borrow.
- You Can Request Information Correction or Deletion
Here is another quite useful thing to know. If you notice any errors, you can always request for the information in the debt register to be changed or deleted. Naturally, you will have to provide proof that the information is incorrect, but that shouldn’t be a problem. So, if you suspect that any of the info is incorrect, make sure to take the right steps towards correcting it, because you don’t want the errors to affect your ability to take out a loan.