What is Creditinfo?

Creditinfo Lietuva is Lithuania’s largest credit bureau, having the largest database. For more than 20 years, Creditinfo Lietuva has collected and analysed data on Lithuanian companies and residents for the purpose of credit assessments. The data are provided and used by banks, specialised banks, credit unions, leasing companies, telecommunications companies and other businesses.
The credit bureau is an important partner for every business that wants to avoid fraud and professionally manage the credit risk of their customers and business partners. The Creditinfo Lietuva system, which processes the most state registries and unique information in Lithuania, assists its users in making informed lending decisions, adhering to responsible lending standards and creating the environment for long-term loan portfolio growth.

What is a credit rating?  

A credit rating is the likelihood, estimated using mathematical and economic modelling, that a company or individual would miss more than 90 days of financial commitments in the coming year. The rating, which is determined automatically for a corporation or individual, is an indication of the organisation or individual’s anticipated behaviour in satisfying its financial responsibilities. 

How do I find out my company’s rating?

To find out your company’s credit rating, call Creditinfo Lietuva and order the services you need.

What factors determine a company’s rating?

The following variables have an impact on the rating: General company information (e.g., age, industry sector), negative information (e.g., debts, property seizures, lawsuits, negative public information), business relationships and financial information.

What is debt in the Credit Bureau System (CBS)? Who is accountable for the correctness of the CBS data? 

The CBS is a credit bureau system that collects information about the financial obligations of businesses and private entities, including information about debts. This information is provided by our partners, which include banks, specialised banks, credit unions, leasing companies, telecommunications providers and other businesses, as well as other registers. The companies providing the information are responsible for the accuracy of the data provided.

How long is the debt information stored in the credit bureau system?

Information on active debt is stored in the credit bureau system (CBS) as long as the debt is outstanding. Debt data is stored for a maximum of ten years after the debt is settled.

How can I enter debts due by other businesses or individuals into the Credit Bureau System?

Credit Bureau System (CBS) participants who have reached an agreement with Creditinfo Lietuva may upload debt information.

What are the advantages of registering debtors with the Credit Bureau System (CBS)? 

Publicising debt information not only benefits the business’s viability, but also aids in debt recovery. By revealing information about the debt, you are informing others and assisting businesses in avoiding the “domino effect,” in which one debtor creates delays in bill payment by others. According to Creditinfo Lietuva data, more than 50% of debts were settled within 30 days of the information being published in the credit bureau system (CBS).

Why hasn’t the credit rating changed when the debt was paid off?

Once all parties have received and confirmed the information regarding a resolved debt, the rating in the credit bureau’s system changes. Normally, this information is updated within two working days of the debt being resolved.

Does the credit bureau provide credit?

Creditinfo Lietuva is not a credit (financing services) provider. The credit bureau collects and analyses information on credit given and financial obligations met.

What governs the Creditinfo credit bureau’s operations?

Creditinfo Lietuva works in compliance with Lithuanian legislation and Bank of Lithuania (LB) regulations.

Does the credit bureau help with debt recovery?

The Creditinfo system provides debt information, but the credit bureau does not do debt recovery. Note, however, that Creditinfo Lietuva reports more than half of debts were cleared within 30 days of the information being published in the credit bureau’s system (CBS).

Can the data from my company be removed from the credit bureau’s system (CBS)? 

Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (GDPR) does not apply to legal entities. The credit bureau has the authority to retain any data received and published by the State Enterprise Centre of Registers concerning Lithuanian businesses.

How do you protect data in the credit bureau system (CBS)?

Creditinfo Lietuva built an information security management system in 2014 that meets the standards of ISO/IEC 27001:2013 certification. This security system is continually updated and reviewed, ensuring even better protection of the credit bureau’s data.

Where do you acquire company information from? How frequently do you update it?

Information on legal entities is obtained from state registers (the Register of Legal Entities, the Register of Real Estate, the Register of Powers of Attorney, Regitra, Sodra, etc.). The data is updated once a day.

How can I change or update my company’s contact information?

Data is shown in the Creditinfo Lietuva system as it is uploaded by data suppliers. As such, if you wish to change or update information about your organisation, you must contact the source.

How do I get a service offer for my company? 

To receive an offer, please fill in the enquiry form on the Creditinfo Lietuva website. After you complete the form, a manager will call you to determine the appropriate service for your needs.