Credit Information Bureau, referred to in short, BIK is a database where all information on loans and borrowings taken in banks and credit unions (cooperative savings and credit unions) and even information from loan companies that have concluded a separate agreement with BIK on exchange data. Is it possible to borrow without checking the information from BIK by the lender?
The banking sector will not grant credit without BIK
Both banks and Credit Unions always use BIK databases when issuing credit decisions to their clients. Negative entries in BIK generally minimize the chance of getting a loan, but positive entries that inform banks about a reliable repayment of earlier commitments by the client act in his favor. The bank will gladly grant him a loan, because good BIK data limits his credit risk.
While in the bank credit without BIK in practice is rarely available, and if it is already with co-debtors with a good credit history and with established mortgage collateral, loans without BIK still exist on the Polish financial market.
Loan companies interpret debt entries differently
Customer verification in the Credit Information Bureau is not required in loan companies. As a result, they can give a payday without BIK, which does not mean, however, that they do not check clients in other databases. Many lenders check and exchange information from BIK, but treat it differently than banks. Negative entries do not prevent automatic borrowing, although it becomes more expensive.
Online loans without BIK are usually non-bank loans granted by loan companies that accept higher credit risk from banks. Verification in the Credit Information Bureau is only required for some lenders. For others, loans without BIK online are still available and you can use them without leaving your home. However, the industry is waiting for regulations and setting up top-down rules of functioning. It is possible that, as in the case of banks, in the future also loan companies will be obliged to provide BIK with information about their borrowers and automatically use the borrower databases themselves.