For the Netherlands
What you need to know about BKR registration and late payments with Flex
When you choose to take out a Flex loan, it's important to understand how this can affect your credit history and what the consequences are if you don't pay on time. Here we explain how BKR registrations work and what happens when you fall behind on your payments.
A BKR registration: What does it mean?
- Riverty tests with Bureau Krediet Registratie (BKR) to get a record of your credit history. This means that when you take out a credit with us, this credit will be registered with BKR. This has the following consequences:
- Registration of your loan: Your Flex credit will be registered with BKR, making it visible to other lenders. This helps assess your creditworthiness for future loan applications.
Transparency and honesty: Registration with BKR makes your credit history transparent and honest. This ensures that lenders have a complete picture of your financial situation.
What happens when there is a late payment?
If your credit is in arrears, there are some important things you need to know:
- Impact on your BKR registration: If you fall behind on payments and your credit is claimed, this will be registered with the BKR as a so-called ‘negative registration’. This can affect your credit rating and may affect future credit or mortgage applications.
- Restoring your credit status: Once you have paid off the arrears, the negative registration is adjusted with an H code (restored). However, it remains visible that a payment delay has occurred, which may affect your future credit opportunities.
- Consequences for long-term arrears: If there is a payment delay of at least two months, the credit will be claimed. You must repay the full credit amount in a lump sum in that case. The credit will be terminated by Riverty. However, a payment obligation remains. We engage our collection agency to collect the credit.
- Communication with Riverty: If you experience problems with payments, it is important to contact us as soon as possible. We can look for a solution together.
Seeking help for problematic debts: Are you experiencing serious payment problems? Or do you have more debts? If so, seek help in time from a debt relief agency or report to your local municipality. They can help you regain structure in your financial situation and help you pay any debts.
Conclusion
At Riverty, we value transparency and honesty. We want to make sure you are well informed about the impact of having credit and the associated BKR registration and what happens if there are any arrears. By fulfilling your obligations and making timely payments, you can avoid negative consequences.