Obtaining credit information

We must always obtain credit information about

• our customer when we process applications;
• our customer when we process applications to amend loan or financial guarantee terms that may increase our risk exposure in relation to the loan or financial guarantee (for example, payment deferrals, subordination of priority, etc.);
• Our customer when we disburse a loan if more than three months have passed since the most recent credit check.
• Our customer if they are included in the annual review of the loan portfolio;
• guarantors and co-borrowers before we accept them 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.

We may obtain credit information about:

• our customer in the event of default on a loan commitment;
• our customer when we process applications to amend grant terms where the changes may increase the risk that the project will not be completed 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 you submit an application, we may carry out a credit check even if you have not submitted a formal application);
• guarantors and co-debtors when we process applications to amend loan or guarantee terms that may increase our risk exposure in connection with 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, or applications to amend loan or guarantee terms that may increase our risk exposure in connection with the loan commitment or financial guarantee (for example, deferred repayments, subordination of priority, etc.);
• partners in ANS/DA/KS entities if a search on 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 we determine that we need to obtain credit information in the cases outlined above, we will document the assessment in our case management system.

The above describes situations where there will typically be a legitimate need to obtain credit information. However, it is not possible to provide an exhaustive list of the situations in which such a need may arise.

If you wish to obtain credit information 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 archive the response in the case file.

The case recommendation must state the date of the credit check and its results, including the credit score and number of payment defaults. If you archive the credit check, you must apply strict access controls.

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 financial statements have been registered for the enterprise and adverse information about the general manager or chair affects the credit rating. In this case, the user will not be notified, either before or after the credit check, that a notification letter will be sent to the person concerned. However, the credit report will state that key officeholders 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 we therefore cannot approve the application. The company must then investigate the matter further. The case officer must not obtain any further credit information about the enterprise's officeholders in such cases. Both individuals and enterprises may contact the credit reference agency at any time and request the names of customers who have searched for information about them during the past six months.