credit history

[fintel]

I would like to know how to build credit history in Finland for someone who just received their personal identity number. In USA all one had to do was to visit your local electronics store and buy something on credit and that would start your credit file. How can I start some credit going here in Finland?

[heretostay]

There is no equivalent credit reporting system here. Only a negative registry.

[fintel]

There is no equivalent credit reporting system here. Only a negative registry.

Are parking tickets and police speeding fines reported to the negative registry?

[betelgeuse]

There is no equivalent credit reporting system here. Only a negative registry.

Are parking tickets and police speeding fines reported to the negative registry?

It depends. It goes first to enforcement records and if you are not able to pay it goes to the negative registry. The enforcement records are also public so, for example, landlords can check both enforcement and credit.

[Upphew]

There is no equivalent credit reporting system here. Only a negative registry.

Are parking tickets and police speeding fines reported to the negative registry?

Why would they be reported if you pay them on time? And if you can't pay them on time, why don't you ask more time? https://www.oikeusrekisterikeskus.fi/en ... spite.html

[agroot]

Without a credit history system, how do you get better interest rate here, for credit card installment or housing loan for example?

[heretostay]

Without a credit history system, how do you get better interest rate here, for credit card installment or housing loan for example?

Interest rates are more standardized here. They look at income, assets, work history, total debt, etc. when you apply for a loan or credit.

[inkku]

The interest rate for housing loans consists of two parts: the base rate (marginaali, viitekorko) and the standard rate such as euribor 3/6/12months. The first part is personal. So far, the assumption in Finland has been that the clients pay back the loans they take, therefore less attention has been paid to the credit history. However, lately, there has been a discussion about limiting the amount/percentage of loans people can take, and the need to verify positive credit history has been raised. But we are still far away.
Viitekorko the banks give to you depends on many factors: they look at your history as their client, your spending patterns and saving capacity, your income level, and your work contract. And it depends on your negotiation skills, you can ask offers from several banks and then try to negotiate.
Possibly also your employment history, employability, the industry you work in might have some influence, that one I don't know for sure but I would guess so.

[Marsh04]

Luckily the system doesn't force you to take credits here. It's better to stay clear of credits unless there is no other option or you are financially sound and get some benefits for using/taking credit (e.g Norwegian card etc)