Luottotietorekisteriä

Luottotietorekisteriä, translated as credit information register, is a specialized database in Finland that collects and stores information about individuals and legal entities concerning their financial obligations and creditworthiness. The register is maintained by private companies, primarily Suomen Luotto on Lähite, and it serves lenders, creditors and other stakeholders in assessing the credit risk of a potential borrower.

The register is governed by a combination of national legislation, including the Information Act and specific provisions on credit information, as well as EU regulations such as the General Data Protection Regulation. The Finnish Data Protection Authority supervises compliance with data‑protection standards and ensures that the register operates within the limits of lawful processing of personal data.

Information stored in the register typically includes details on loans, credit cards, mortgages, unpaid bills, bankruptcies and other financial obligations. It also records the outcome of credit checks, such as approval or denial. Credit institutions may request access to this information for a fee, and the data is updated regularly to reflect changes in an entity’s financial status.

Individuals have the right to access their own credit file, correct inaccuracies, and request deletion under certain circumstances. Transparency and accountability mechanisms are in place to prevent misuse of the data. Critics argue that extensive credit profiling can lead to privacy concerns and potential discrimination, while proponents emphasize the importance of such registers in ensuring a stable credit market.