The Central Credit Register (CIR), commonly known as CIRBE, is an essential tool in Spain’s financial sector. But what exactly is it and how does it affect citizens and financial institutions? Below, we explain everything you need to know.
1. What is the CIRBE?
The CIRBE is a data base that compiles information on loans, credits (direct risk), guarantees and collateral (indirect risk) that financial institutions hold with their customers. It is important to note that CIRBE is not a register of defaulters. Its main function is to provide, on an aggregate and monthly basis, information to institutions on persons whose accumulated risk exceeds 1,000 euros.
2. Characteristics of the CIRBE
2.1 Public but confidential information
Although anyone can access the information registered in CIRBE about themselves free of charge, information about third parties cannot be accessed. This guarantees the confidentiality of the data.
As for public information, this means that any individual has the right to access the information that CIRBE holds about him or herself. That is, if you have had loans, credits, endorsements or guarantees that have been reported to CIRBE, you have the right to request and see that information. This is important so that people can verify the accuracy of the information that financial institutions have reported about them.
The confidential aspect means that, although you can access your own information, you cannot access someone else’s information. Similarly, no one else (except financial institutions under certain conditions) can access your information in the CIRBE without your permission. This guarantees the privacy and confidentiality of each individual’s financial data.
In short, public but confidential information means that, while you have the right to see your own information in CIRBE, that information is protected and not accessible by the general public, thus guaranteeing the privacy of each individual’s personal and financial data.
2.2 Requesting reports
Requesting reports from CIRBE (Central Credit Register of the Bank of Spain) refers to the process by which a natural or legal person can request a report to find out the data declared in CIRBE in their name. This report provides a detailed overview of the financial risks associated with that person or entity, based on the information provided by financial institutions to CIRBE.
2.2.1 Key aspects of requesting reports in CIRBE
- Right of access: Any person or entity has the right to request and access the information that CIRBE holds on them. This allows individuals and firms to verify the accuracy of the information and to be aware of their financial situation in relation to the risks reported by financial institutions.
- Types of reports: CIRBE offers mainly two types of reports:
- Aggregate report: Provides an overview of the financial risks associated with the applicant, without going into specific details on each loan or credit.
- Detailed risk report: Provides detailed information on each financial operation associated with the applicant, including the entity that granted the loan or credit, details of the debt, among others.
- Request process: To request a risk report from CIRBE, the interested party must access the “Request for risk reports by holders” platform and follow the steps indicated to make the request. It is an online process that allows users to obtain the information quickly and securely.
- Confidentiality: Although any person or entity can request a report on themselves, they cannot request information on third parties. This guarantees the confidentiality and privacy of the data.
Requesting reports in the CIRBE is a mechanism that allows individuals and companies to access information on their financial risks registered in this database of the Bank of Spain, guaranteeing transparency and allowing users to be informed about their financial situation.
2.3 Entities that can request data
In the context of CIRBE (Central Credit Register of the Banco de España), when we speak of Entities that may request data, we refer to the financial institutions or entities that have the right to access the information registered in CIRBE on a given holder, always under certain conditions and for specific purposes.
2.3.1 Entities that may request data in the CIRBE
- Reporting institutions: These are the financial institutions that, by regulation, are obliged to report to CIRBE the direct and indirect risks they hold with their customers. These entities, in turn, may request information on a specific holder in order to assess their financial situation and credit risk. These institutions include banks, savings banks, credit cooperatives, credit financial institutions, among others.
2.3.2 Conditions and purposes for requesting data
Institutions may request CIRBE information on a specific holder if the latter is applying for a risky transaction, such as the granting of a personal credit, a mortgage, or if he/she appears as obligor or guarantor in exchange or credit documents.
The main reason why these institutions request this information is to assess the level of risk they would assume in authorising a financial transaction with the holder. By knowing the holder’s existing financial obligations to other institutions, they can make more informed decisions about granting new credit or loans.
2.4 Types of reports
These are the different types of reports that this institution can issue to reflect the financial and risk situation of a person or entity. These reports provide a detailed overview of the financial risks associated with the holder based on the information provided by financial institutions to CIRBE.
The main “Types of reports” in CIRBE are:
- Aggregate report
- Provides an overview of the financial risks associated with the applicant.
- The data it provides is aggregated for each type of risk. This means that not all individual loans or credits that the holder may haveare detailed .
- It shows the total amount that the holder has in that risk type, as well as in summary form the maximum credit limits, credit drawn down, types of collateral and maturities.
- This report is provided to both the financial institutions and the holder.
- Detailed risk report
- Provides detailed information on each financial transaction associated with the holder.
- It includes details such as the code that identifies each operation, the name of the financial institution that granted the loan or credit, and a more specific detail of the debt.
- In the eventthat, in any entity, there are aggregate risks with anamount of less than €1,000, this report will also show the name of these entities.
- This report is drawn up exclusively for the holder, thus guaranteeing the confidentiality of the information.
It is important to note that, although any person or entity has the right to request and access the information that CIRBE has on record about them, the detailed nature of the detailed risk report ensures that only the holder can access this specific information, thus protecting the privacy and confidentiality of the data.
In summary, the Types of reports in the CIRBE offer a valuable tool for both financial institutions and individuals and companies, enabling them to better understand and manage their financial and risk situation.
2.5 Data correction
The process by which a data subject (whether an individual or a legal entity) can request the modification, rectification or cancellation of the information recorded about him/her in this database, if he/she considers that the information is inaccurate, erroneous or outdated.
Key aspects of data correction in the CIRBE:
- Holder’s right: Each holder has the right to verify and, if necessary, correct the information that CIRBE has on record about him/her. This is essential to ensure the accuracy and timeliness of the data, which may influence future credit decisions.
- Correction process: If a holder believes that the data recorded in CIRBE is inaccurate or incomplete, he/she should first contact the financial institution that provided the information to CIRBE. It is the responsibility of this entity to verify and, if necessary, correct or update the information.
The financial institution is obliged to rectify any errors and ensure that the information it provides to CIRBE is accurate and up to date.
If, after contacting the financial institution, the holder considers that his/her request for data correction has not been adequately resolved, he/she has the right to file a complaint with the Banco de España. The Banco de España will act as mediator and will supervise that the regulations are complied with and that the holder’s rights are respected.
- Importance of correction: The information recorded in the CIRBE is used by financial institutions to assess the credit risk of a holder when considering granting a new credit or loan. It is therefore crucial that this information is accurate to avoid unfavourable credit decisions based on erroneous data.
In summary, the Correction of Data in the CIRBE is an essential mechanism that allows holders to ensure that their financial and risk information is accurate and up to date, thus guaranteeing a fair and accurate representation of their financial situation in the Spanish credit system.
The CIRBE is an essential tool that allows financial institutions to assess the risk of their operations. Although it is a public database, it guarantees the confidentiality of the information, allowing only the holder to access their detailed data. It is essential that citizens are aware of its existence and how it works, as it can influence the granting of credit and other financial operations.
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