Obtaining credit information

Credit information must always be obtained for

• our customer when processing applications;
• our customer when we process applications to amend loan or guarantee terms that may increase our risk exposure in relation to the loan commitment or financial guarantee (for example, payment deferrals, subordination of priority, etc.);
• Our customer when a loan is disbursed if more than three months have passed between the most recent credit check and disbursement.
• Our customer if they are included in the annual review of the loan portfolio;
• guarantors and co-borrowers before they are accepted as guarantors or co-borrowers for loans; and
• guarantors and co-borrowers when a loan is disbursed or a guarantee declaration is issued, if more than three months have passed between the most recent credit check and the disbursement of the loan or issuance of the guarantee declaration.

Credit information may be obtained about:

• our customer in the event of default on a loan agreement;
• an Innovation Norway customer when we process applications to amend grant terms where the changes may increase the risk that the project will not be carried out as planned;
• Our customer in connection with a high-risk loan exposure where we consider it necessary to know the payment status in relation to other creditors;
• Our customer when we sell services on credit worth more than NOK 10,000;
• Our potential customer (if we devote significant resources to a case before an application has been submitted, we may carry out a credit check even if no formal application has been made);
• guarantors and co-debtors when we process applications to amend loan or guarantee terms that may increase our risk exposure in relation to a loan commitment or financial guarantee (for example, payment deferrals, subordination of priority, etc.);
• group companies of our customer when we process applications for loans, grants or financial guarantees, and applications to amend loan or guarantee terms that may increase our risk exposure in relation to the loan commitment or financial guarantee (for example, payment deferrals, subordination of priority, etc.);
• partners in ANS/DA/KS entities if a search for the company does not provide sufficient information
• potential suppliers in our ongoing procurement processes, provided these involve critical supplies for which we depend on a reliable supplier.

If the case officer considers it necessary to obtain credit information in the above cases, the assessment must be documented in the case management system.

The above describes situations where there will typically be a legitimate need to obtain credit information. However, it is impossible to provide an exhaustive list of the situations in which such a need will arise.

If credit information is required in situations other than those described above and/or about other parties, the case officer must email the credit manager, explaining the need (who and why). The credit manager will determine whether there is a legitimate need or refer the matter to the Credit Director's staff. The case owner must file the response with the case.

The case recommendation must state the date of the credit check and its outcome, including the credit score and number of payment defaults. If the credit check is archived, strict access controls must be applied.

A copy notification letter is sent to the person who has undergone a credit check in the following cases:

• Individuals and sole proprietorships
• The general manager or chair of the board of a newly established AS/ASA/NUF if no accounts have been registered for the company and adverse information about the general manager or chair affects the credit rating. In this case, the user will not be notified that a copy notification letter will be sent, either before or after the credit check has been carried out. However, the credit report will state that key office holders in the company have adverse credit records that have affected the rating. In such cases, the case officer must inform the company's contact person of this outcome and that the application therefore cannot be approved. It is then the company's responsibility to investigate the matter further. In such cases, the case officer must not obtain any further credit information about office holders in the company. Both individuals and companies may contact the credit reference agency at any time to request the names of customers who have searched for information about them during the previous six months.