The world of credit includes a series of acronyms relating to processes, laws in force, partners, etc. One of the most important is ZEK.
It is a central credit information system.
Without positive data related to your profile, granting credit becomes impossible.
I've heard of the ZEK before. What else is it?
It's no wonder.
The role of this central office in the process of granting a credit (or leasing) is so fundamental that several articles have already been published on our blog on this subject.
But reminding us of its meaning and what it means to you, our dear customers, is an act of transparency and a professional duty.
The ZEK is an association based in Zürich. The mission of this association is to manage a central credit information centre.
It collects and stores your credit information.
Do you have a problem with repayment in your monthly loan payments? Noted.
Do you have a dispute over your credit card? Noted.
Have the conditions of a lease not been met? Noted.
So yes, it's a bit like 'Big Brother' but all countries that have a rigorous banking and financial system use this type of database.
It is a way to centralize all the information related to the behaviors of users of personal loan , mortgage and leasing solutions.
Thus, the final decision-makers can base their decision on this data that is made available to them.
You may have a solid file, if your personal data indicates a negative history or behaviors deemed not in line with expectations, you will not benefit from a positive opinion from the financial partner; bank, leasing company, financial institution, etc.
Suffice to say that the ZEK plays a major role in the decision-making process, so you might as well know what it is all about.
My data belongs to me, right?
Yes... and no.
When you take out a loan, a lease, a credit card... You sign terms and conditions that consistently include a data-sharing agreement.
The same applies to a simple application procedure without signing a final contract.
You give your consent to the use of this personal information for verification purposes that are useful to decision-makers.
However, you can request that this data be viewed at any time and ensure that it is not misused.
All you have to do is make a written request to the ZEK, which will send you the report by post.
It is also worth mentioning that a retention period for your data will have to be respected by the central office. These will therefore not be abolished in the short term.
It cannot legally be stored indefinitely according to the applicable data protection law.
In addition, the principle of proportionality must also be respected. In other words, the information saved must be relevant to the mission of the data management center.
Positive or negative data. What's the difference?
The answer is in the question.
As long as you comply with the conditions for granting a loan or lease, nothing negative or alarming will be associated with your customer reference in the data center.
However, as soon as a breach of your obligations is found, a negative annotation will be associated with your profile.
This annotation will indicate a degree of solvency risk. A risk therefore means a refusal of the file filed.
It is therefore essential to ensure a positive referencing, otherwise you will not be able to take out a loan, a lease or a credit card.
Deletion of erroneous data
The control panel offers the possibility to check your data but also to correct any erroneous annotations.
Take, for example, an old dispute that has been settled long ago and no longer affects your current contractual or financial situation.
It may be that the company with which you disagreed or for which a payment was missed did not provide information about the resolution of your case.
Your annotation is therefore likely to remain negative without this being justified yet.
It is therefore advisable to clean your data well before submitting your loan application, especially if you remember a past dispute.
If necessary, get support in this process because a specialized partner will have faster access to your information and will be able to decipher the codes used and their meaning.
Don't take this point lightly; In my experience, this type of situation is not uncommon.
What about my loan application with Milenia?
As a partner of record for thousands of clients each year, your file is in good hands.
We know the ZEK like the back of our hands and can advise you on any steps to take.
Of course, we aim to build a credit file that will pass all the quality control steps so that you can finance your project.
With this in mind, we attach particular importance to the conditions applied, the rates in force and the proportionality of the offer according to the needs expressed and your financial means.
Aiming for success naturally implies that your credit score is taken into account in the various databases, including the ZEK. That's why we also offer a service for analyzing and cleaning erroneous data.
There is a fee for this service, but it will save you valuable time in the decision-making process for your application.
In addition, all the management of your file, the exchanges, its creation, the calculations, the offer and its sending to our partner banks is free of charge.
Never pay for this service regardless of the request made by your credit partner.
To conclude, don't underestimate the importance of the ZEK.
Anticipate and act before you file your credit report.
If in doubt, call on Milenia who will be able to guide you through the necessary checks and adaptations so that your financing application does not encounter any problems in being validated.
We'll take care of that and everything else. Your request will be treated with the required kindness and professionalism.
Milenia; We're here for you!
