Learn in detail throughout this interesting article what CIRBE is for a bank customer and its important function
What is Cirbe?
When we approach a bank to apply for any loan, one of the documents they will request is the CIRBE report. What is the CIRBE? It is defined as the database that collects information on various transactions from the Bank of Spain. The CIRBE, or Central Credit Register, manages the direct and indirect risks that a particular client may generate. Direct risks specifically refer to loans or credit; while guarantees and sureties are considered indirect risks.
It is important to know what Cirbe is, since it allows the different entities that request this information to historically evaluate our profile and economic strength. Although it is information that we can access for free, it is confidential since it is impossible to access the information of another citizen.
This information, as we have already defined, is in the public domain, but in order to access the data contained therein, it is necessary to refer to the Bank of Spain head office and formally request the spreadsheet of risks by holders.
The most common thing is that banking entities look for these resources to be able to validate the specific information of any holder before the request of any operation that is considered risky. These types of operations refer to the award of any credit or mortgage, or any operation where we are obliged to pay the assigned loan for a certain period of time.
Reports delivered
The Cirbe, which is delivering two financial reports. The first is the aggregate report and it is provided both to the different banking entities and to us, the holders. It is a report that is characterized by delivering the total amount for each type of risk, this means that neither the times requested nor the banking entities that approved the request will be detailed, but the total amount of the debt that we have with the bank Spanish.
This report also provides characteristics such as the maximum limits of credits that have been granted to us, the credit available and what are the types of guarantees that we have given and the terms that the banks have established for the payment of the debt. This report of the Cirbe that it is, includes the previous monthly declaration or the one that is closed and the movement of payment and granting of the last six months.
The second report delivered by Cirbe, that is, is delivered only to us as owners and contains in detail each of the operations that we have requested. Similarly, it includes the code that identifies each of these transactions, the names of the banking entities with which we work and a much more detailed detail of our debt.
If, upon receiving our CIRBE report, we find discrepancies in our financial information, we should formally request a review. Remember that this report serves as our identification with Spanish banks, so it must accurately reflect our financial situation to avoid problems with financial information and other reports, such as the property registry. If you'd like to learn more about this, we've included the following link: What is the Property Registry?
In the same way, we leave you the following video so that you understand a little better what Cirbe is
Importance of the Cirbe
We have already defined what Cirbe is, now what is its importance? The database that feeds the Cirbe is fundamental for the Bank of Spain since through it the real reading of the economic progress of all of Spain can be statistically established and in the same way, the constant and controlled evaluation of the entire financial system from the country.
On the other hand, as we have defined the financial institutions of Spain, they request the report delivered by the Cirbe to evaluate correctly, timely and you will see the different individuals who formally request a loan. Since the delivered document can globally verify the risk that it entails if the client does not manage to pay for one reason or another the debt that he wants to incur.
It should be noted that the bank, more than knowing the payment capacity that we may have or the job stability that we have in our jobs, they seek to corroborate the indebtedness that you have or that you have contracted for different reasons. Let us remember that for our banks to have access to this information, it is essential that we sign each of the permits, since if we do not do so, they will not have access to our information.
It is important to highlight or point out that the Cirbe is not a list of delinquent or a negative list, on the contrary it is the one that helps us to demonstrate our photograph of economic position with respect to the payments that we have executed and that we have pending to cover any debt that we have acquired, how we have paid them and the payment responses that we have had throughout our entire credit life.
That is why we recommend that when you apply for loans, you do so in a way that is conscious of executing payments in a timely and timely manner, so that if financial institutions request your Cirbe, you are a customer who, throughout your banking life, has had your indebtedness capacities are optimal and you are a viable and reliable candidate for the granting of loans, mortgages, guarantees, among others.
