For the Netherlands
What you need to know about BKR registration and late payments with Flex
When you choose to take out a Flex credit, it's important to understand how it 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 of Credit Registration (BKR) to get a record of your credit history. This means that when you take out credit with us, that credit will be registered with BKR. This has the following consequences:
- Registration of your loan:
- Your Flex credit is 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 if there is a late payment?
If there is a late payment on your credit, there are some important things you need to know:
- Impact on your BKR record:
If you fall behind on payments and your credit is claimed, it will be registered with the BKR as what is known as a “negative registration.This can affect your credit rating and may affect future credit or mortgage applications. In this case, you will receive an A rating (arrears). - 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 options. - 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 is 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 at a solution together.
Seek help for problematic debt
Are you having serious payment problems?Or do you have more debts? If so, seek timely help 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 its associated BKR registration and what happens when there are late payments. By fulfilling your obligations and making timely payments, you can avoid negative consequences.
Useful links:
What is BKR? – Riverty Support
What are the consequences if I can no longer pay my Flex credit?
What data do we need for the credit check?