How To Get A Credit Score In Italy

Almost all industrialized nations have some credit reporting system in place. Italy uses a system that is like a hybrid; it reports certain information, but it isn’t a credit score in the traditional sense. Bank debts, loan defaults, credit card defaults, missed mortgage payments, and other defaults are all recorded in a government database if you do so.

Until recently, your credit history wasn’t necessary, but now that more and more places are disclosing information, everyone has a credit history as soon as they obtain a credit.

Banks in Italy disclose your credit limit, banking habits, and whether or not you have credit cards. However, unlike other nations, credit companies also disclose if you were turned down for credit.

What Is Central Credit Register (CR)?

A database called the Central Credit Register (CR) gives an overview of how much money families and businesses owe the banking and financial sectors. Customers that have a solid credit history can utilize it to get loans more quickly and with better terms. It aids financial institutions in determining a customer’s capacity to pay back a loan.

Similar to Italy’s CR, central credit registers exist in several European nations. The CR must receive information from banks, financial institutions, and other intermediaries who give loans and issue guarantees, receive guarantees, or buy loans and guarantees that have previously been registered from other intermediaries. These organizations are known as “participating intermediates.”

The CR “returns” the data to the participating intermediaries on a monthly basis so that they are aware of their client’s overall level of indebtedness and repayment performance. The CR collects monthly data from all participating intermediaries for each client.

How To Get A Central Credit Register (CR)Report In Italy?

Professional secrecy laws safeguard the information in the CR, which is why it cannot be disclosed to or discussed with outside parties. In actuality, the Bank of Italy collects this data as part of its oversight responsibilities. Only the following parties have access to the data: the individuals or entities in whose name the information is recorded and the other individuals or entities with access rights intermediaries to evaluate their customers’ creditworthiness. Judicial authorities in the context of criminal proceedings z other supervisory authorities, such as Consob and Ivass, in the execution of their institutional duties.

How can you access your data? 

There is no cost to access CR data. You can send or hand in an access request, access the data online, or both. Internet-based methods make it simpler and faster! You only need to visit the Bank of Italy website’s Services for the Public section, access the Online Services for the Public portal, and follow the on-screen instructions to complete the data access request form. If you have a National Service Card (CNS) or a SPID (Public Digital Identity System), you can access a personal area where you can fill out and send the request form and consult or download the answer. Your legal representative can request that your business receive a free annual subscription, renewed every year, to have the data sent to your company’s authorized email address. Your legal representative can access the portal using their SPID or CNS. If you don’t have a SPID or a CNS, you can still fill out the form, print it, sign it, and scan it before sending it through the portal, along with the identification documents required. Your certified email address or postal address will receive the response (PEC).

Alternatively, you can: 

Fill out the form found in the “Services for the Public” section under “Access to Central Credit Register Data/Forms” on the Bank of Italy website. Send the form and the supporting documents required to confirm your identity to a Bank of Italy branch by mail, certified email, or hand delivery (for a list of contacts, visit the About Us/Organization/Branches section of the Bank of Italy website). The information is given in a statement along with a specific guide; however, if you request the information through online services, you will receive a faster response—even in real time—if you utilize a SPID or a CNS. The data may be delivered in real time if the request is made in person at a Bank of Italy branch.

Who can access CR data? 

Natural persons whose names are used to register the information, and, in their stead, the people designated by law to act in their places, such as tutors, guardians, heirs, and proxies. Legal representatives or other individuals permitted to do so by law, such as bankruptcy trustees, partners in limited liability firms or partners with unlimited liability, and internal statutory auditors, may act on behalf of legal persons, such as corporations or other entities.

How To Improve Your Credit Score In Italy?

You can carry out the options below:

1. Avoiding late payments will raise your score automatically.
2. Try to limit the number of bank accounts you have, especially inactive ones.
3. Avoid often switching your bank accounts.
4. Keep your bank account balanced rather than zeroing it out.
5. Limit the number of credit cards you have and cancel any that you don’t use.
6. Refinance your debt. Your credit score is less affected by one loan than by several smaller loans.
7. Use the free version to check your credit score frequently once a year. If a record is incorrect, you can formally object and request that it be removed. 
8. Avoid moving too frequently, as this will lower your score.

Conclusion 

Only by highlighting the benefits of having a good credit score can the significance of having one be emphasized. Credit purchases can cover expenses like that loan-required dream business idea, the vacation wedding, student loans, and other unanticipated costs. Being seen to be of lower risk will make obtaining grants easier if you have a strong credit score. You will be required to repay your debt at reduced interest rates, which is more significant. Take the required actions to raise your credit score.

Your credit score is monitored by the Central Credit Register (CR).