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    How long does a payment default entry stay in Finland?

    Credit record rules after the 2022 reform.

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    Short answer

    Under the reform that took effect on 1 December 2022, payment default entries are generally stored for 3 years, and consumer credit defaults for 2 years. A new entry no longer extends the storage time of older ones. If you pay the debt, the most common entries are removed one month after the credit reference agency is told about the payment. Before the reform, an entry stayed for two years after payment.

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    Why

    1. The Ministry of Justice announced the shorter storage times in May 2022.
    2. Suomen Asiakastieto gives 3 years, and 2 years for consumer credit defaults.
    3. Since the reform, each entry has its own storage time.

    Details

    For a consumer credit, KKV explains that an entry may follow 60 days of delay, but only if the credit agreement says so and after a written notice at least 21 days in advance.

    Tip

    After paying, make sure the payment is reported to the credit reference agency. Often the debtor has to do this.

    What may differ

    Storage times vary by entry type. Check your own credit information from the credit reference agency.

    Common misconception

    A payment default entry stays for years even after you pay.

    What actually happens

    Since December 2022, the most common entries are removed a month after the payment is registered.

    People also ask

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    Sources

    This answer is for reference only. Consumer rules can change and cases differ, so check KKV or the Consumer Advisory Services.

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