What does ref marking mean in credit information?

Default credit information is a familiar concept to many, but what can I do about my own credit information after the default? And can there be any improvement after debt repayment?

If the consumer has paid off the debt in full, the consumer may ask the credit bureau to include a ref in his information. A credit entry in the credit means that the debt that caused the defaults has been fully repaid.

In this article, we’ll tell you more about ref marking and how to add it to your credit information after a payment failure.

How do I get a default payment entry?

How do I get a default payment entry?

If you fail to repay a debt or a loan, you will be notified of default. For example, in consumer loans, a default note may be obtained if the loan is overdue more than two months past the original due date. However, it is more common to get a defaults note only when the situation has advanced to the point where the debt has been outstanding for more than six months.

The default payment entry is recorded in the credit information by court order. However, before making a default payment note, the creditor must have sent the debtor several calls for payment.

It is good to note that most creditors and lenders offer flexibility in debt repayment. If you know that you are unable to repay your loan as planned, you should contact your creditor. It is usually possible to negotiate a new payment plan with the creditor while avoiding having a default credit entry on your credit information.

Duration of payment default entry


Defaults are usually valid for a certain period of time, regardless of whether the debt has already been repaid in full or not. Usually, the default record appears on your credit information for three years. However, the subscription must be deleted within two years if the debt has been repaid in full and the consumer does not receive a new failure indication within that two year period. If the consumer receives a new defect mark, the duration of the previous defect mark shall be extended to four years.

At most, the default record can be in the credit register for 15 years, as the debt expires. After the debt has expired, the default entry will be removed from the register.

Ref marking

Ref marking

Once the consumer has paid the debt that caused the defaults, he can request a Ref entry on his credit history. Ref entry can shorten the duration of the default entry in the credit register for one year. In addition, the ref marking serves as a signal to lenders that the defaulting debt has been repaid.

However, you must ask for a Ref entry to add to your credit history. The request must be made in writing and the controller must be able to prove that the debt has been repaid in full. Credit registers in Finland are kept.

Ref marking can make life easier for a consumer who has suffered a default payment, since the default payment label prevents multiple contracts. For example, a default payment due to arrears may prevent you from obtaining a rental home. If a ref entry is added to the defaults, the rented home may also be more easily detached as the prospective landlord will know that the previous rent arrears have been settled. In addition, some consumer credit providers, such as lenders, default to those who have paid off the debt in full.