Changed rules for the Central Corporate Credit Register
Through the Central Individual Credit Register (CICR) and the Central Corporate Credit Register (CCCR), banks can assess the risks when granting credit. In order to respond better to the consequences of the financial crisis, the current reporting threshold of 25.000€ for credit to companies is abolished. As a consequence, the number of registered companies doubles.
The Central Corporate Credit Register registers data relating to credit granted to legal persons (companies) and private individuals for their business purposes. It concerns all persons living in Belgium or abroad.
Also for leasing and factoring contracts
The obligation to report certain data concerning credit arrangements and related contracts, the beneficiaries of these contracts and cases of non-payment to the Central Corporate Credit Register, now lies with the credit institutions, security bond insurance institutions, credit insurance companies, leasing companies and factoring companies. The last two categories are new. Currently only a reporting obligation for financial leases exists, not for operational leases.
Reporting threshold of 25.000€ abolished
Until recently, the Central Corporate Credit Register only registered all credit of at least 25.000€ with the same credit institution. This threshold of 25.000€ is now being abolished. As a consequence, the number of registered companies and independent private individuals doubles.
Cases of non-payment are not registered in the Central Corporate Credit Register. But the CCCR also registers data relating to legal actions (such as bankruptcy, closings of bankruptcy and arrangements protecting against creditors) of companies and private individuals. Only the latest category is informed by mail that an act relating to them was registered.
Consultation of the registered data
The National Bank of Belgium administers the CCCR data. It can only communicate this information to:
all institutions falling under the reporting obligation, but only for a risk assessment before closing a credit contract or by administering such a contract;
the Privacy Commission;
foreign credit centres; and
in case of a testimony in criminal law matters.
The CCCR cannot be consulted for commercial prospection purposes.
Borrowers wanting to consult their data should apply in writing with the National Bank of Belgium, Central Corporate Credit Register, de Berlaimontlaan 14, 1000 Brussels. The application should contain the full identification data and a recto-verso copy of the identity card of the applicant. The identification data for a private individual are: name, first name, date of birth, full address and vat identification number for persons subject to the vat legislation; for legal persons: full official name, legal form, address of the head office and the national number with the national register of legal persons.
Representatives of legal persons should prove that they are competent to make the application.
When applying for a rectification, a written proof of the fact that the registration contains an error should be given. Such rectification is free of charge.