What role CIRBE plays in applying for a loan
The CIRBE provides information to the bank about the outstanding debts of the loan applicant
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We have finally found the house of our dreams and now it’s time to seek funding . But how do we know that the bank is going to grant us the mortgage? The entities that offer loans and credits value a series of aspects that help them decide if it is safe to lend us money and what amount is the maximum to which we can opt. In this decision come into play the income, guarantees and, very importantly, the debts that we have acquired. The latter is what CIRBE collects.
The Risk Information Center of the Bank of Spain (hence the acronym CIRBE), is a record that contains the vast majority of loans, credits and guarantees that the country’s banks maintain with their clients. In other words, it is a database that collects all outstanding debts that a client or guarantor keeps, provided that they are for a value greater than € 9,000. It is, therefore, a very important tool when it comes to helping the bank decide whether to grant a loan or not, based on our solvency.
It is important to point out that the CIRBE is not a list of defaulters , since it not only collects the debtors who have fallen behind in the payment of their installments, but all the holders and guarantors of loans, credits, mortgages and other risks that the banks maintain with your customers. However, in this database it is recorded if there is any significant data of delinquency.
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How does CIRBE work?
This database is updated on a monthly basis. It is the banking entities themselves that are obliged to provide all the necessary information so that the registry is a source of secure information, of a public nature, but of private consultation.
This means that anyone has the right to consult for free and through a request, the information that the Bank of Spain has of their personal debts. In the same way, at the moment we request a loan from our bank, it has the right to consult the data related to our debts within the CIRBE, without having to have the explicit consent of the client, but always informing him that it is going to make this query.
However, there are limitations to the data that the bank obtains from a client. The CIRBE only gives global information, according to the Bank of Spain, of the risks of a person or company. This means that the bank will not handle a detailed list of each and every one of our debts, but of the global position of these.
In fact, it is one of the first actions that a bank carries out when we request the concession of, for example, a mortgage. Because beyond the stability of our employment, our ability to pay and the guarantees that we present, the risk we carry as customers is largely determined by the debts we have already incurred. Hence the importance that CIRBE has for the granting of any loan, since it can play both for us and against it.