EVRY granted authorisation to operate a debt register

EVRY has in connection with this set up a wholly-owned subsidiary company called Gjeldsregisteret AS. The purpose of the debt register is to help prevent private households from running into debt problems by giving banks and other providers of credit the opportunity to check how much credit and consumer debt a borrower already has. This may help financial companies to take better decisions, and borrowers can expect better advice from lenders regarding what their finances allow them to borrow.

“EVRY has wide-ranging expertise and experience in managing public registers that contain sensitive data. The debt register is a natural development in this regard, and it will allow us to deliver information in real-time based on efficient infrastructure and existing market channels. EVRY will deliver high-quality services with an emphasis on both security and privacy”, comments Björn Ivroth, CEO of EVRY.

Internet solution integrated with specialist systems

The Debt Information Act regulates who will be entitled to use the services. The users will primarily be banks and financial institutions, the Norwegian State Housing Bank, the Norwegian Public Service Pension Fund, municipalities (first-time buyer loans), Norges Bank, the Financial Supervisory Authority of Norway and Statistics Norway. Credit-rating agencies will also be able to use the information as part of the credit-scoring process.

Gjeldsregisteret AS will deliver its information services via the internet and through integration with customers’ specialist systems. This will ensure that those organisations that are authorised to receive the data receive information that is updated in real-time based on modern event-based updating techniques, giving them the best possible basis for decisions in a cost-effective way.

Gjeldsregisteret AS is committed to data security and privacy in line with its official authorisation and the new General Data Protection Regulation. A solution to provide private individuals with access to their information will be set up, and duplicate letters or notifications regarding credit checks will also be sent out when debt information is disclosed.

More than 200 financial companies will provide Gjeldsregisteret AS with debt information. According to the Financial Supervisory Authority of Norway, Norwegians had consumer debt totalling about NOK 106 billion at the end of 2017.