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Finansinspektionen: Consumer Protection Report 2020

Date 14/02/2020

Credit providers must be able to access a comprehensive view of a consumer’s outstanding credit commitments before granting new loans.

Before approving a loan application, credit providers must conduct a creditworthiness assessment based on sufficient information about the consumer's individual circumstances, but there is currently no way for credit providers to check all of the outstanding credit commitments of a consumer. There is therefore a risk that consumers who already have high debt will borrow too much.

FI is now proposing that the Government appoint an inquiry to make it possible for credit providers to access a comprehensive view of a consumer's outstanding credit commitments. This would raise the quality of the creditworthiness asssessments and thus serve as an effective tool to combat overindebtedness.

FI is submitting its consumer protection report to the Government today raising these points.

Over the past two years, FI has mapped the risks associated with the rise in consumption loans. The rate of increase in consumption loans has been high for a long time, and FI sees a number of risks associated with the increase in this lending. Responsible lending procedures are important to prevent repayment problems and overindebtedness.