CIRBE: Central Credit Register of the Bank of Spain What is it and how can it affect you?

 The CIRBE (CIR) is a massive database managed by the Bank of Spain where information on loans, credits, guarantees, and collateral held by each credit institution with its customers is collected. In other words, it is a report where the risks that financial institutions manifest having with their customers are stored.

 Its data is confidential, which means that it cannot be freely accessed or consulted, but authorization is required. However, any individual or legal entity susceptible to being listed as the holder of a reportable risk to the Central Credit Register has the right to obtain their own risk report, and if the information found is inaccurate or outdated, they can request it to be corrected. They also have the right to know which financial institutions have accessed their risk file during the last six months.

 How to request it? In the following link from the * Virtual Office of the Bank of Spain, it explains step by step how to do it and what documentation will be necessary in each case.

 It can be requested through various channels:

 Electronically, in this case, it is essential to have a digital signature or electronic certificate issued by Certification Service Providers (CSPs) accepted by the Bank of Spain.

It can be requested on weekends and holidays, but the response will be available from the first working day following the request date.

The reports can only be downloaded by the applicant and will be available for twenty days from their resolution. Those corresponding to the latest available date will be approximately available within 15 minutes. Reports from dates earlier than the last available one can be downloaded on the next working day following the request date.

Some issues, such as discrepancies between the data on the digital signature certificate and the data declared by the entities to the Credit Risk Information Central of the Bank of Spain, cannot be resolved automatically, so the intervention of Bank of Spain personnel is required. 

 In Person, the risk report is requested at the central headquarters of the Bank of Spain or at any of its branches. Along with the request for the report, all required documentation (*) must be provided.

 By Mail, by completing the "Request for Risk Reports to the Risk Central Registry" form, available in the "processing" section, and sending it properly signed to:

Bank of Spain, Risk Information Central, C/ Alcalá, 48, 28014 Madrid.

Together with the request, all required documentation (*) must be provided. The report will be received in a few days by certified mail.

The required documentation varies depending on whether it is an individual or a legal entity.

 The Resolution Time is a maximum of ten business days, although in electronic and in-person processing, the report is usually obtained in a few minutes.

What types of risks does it cover?

Direct Risks, derived from a loan or credit whose holder is the individual themselves.

Indirect Risks, guarantees and collateral on the debts of others.

This database is updated monthly with the information that the entities themselves are required to provide to the Bank of Spain.

It should be clarified that it is not a list of defaulters; it simply reflects the level of indebtedness of an individual or entity. That said, and being clear about its purpose, if there is a delay in paying the installments of a loan, the entity has to report it. In other words, it does establish a threshold above which a financial institution considers the risk of defaults to be high. Each entity will calculate the debt capacity of its clients considering this data along with others such as income level, assets, etc.

The CIRBE database will be especially important for:

 The Bank of Spain itself, both for compiling statistical studies on the sector and the economic situation of the country, and for its role in supervising and controlling the financial system.

 Citizens when, for example, applying for a mortgage, and financial institutions when granting it.

 Businesses when seeking the necessary financing for their operations. This is why it is so relevant that financing in Inversa does not consume CIRBE; as it is not a loan, it does not consume credit capacity, making it an alternative and complementary financial instrument to others the company may have.