TIPS FOR CONSUMERS


  1. The most important is to REGISTER YOUR CREDIT at BKR ARUBA.
  2. Cancel all arrears on time. Impact on your credit history.
  3. Paying off your balance will not automatically withdraw a negative history.
  4. Keep balances low on credit cards and other forms of "revolving credit."
  5. Apply for new credit accounts only when necessary.
  6. If you've been managing credit for a short time, don't shop around for new loans.
  7. Shop around when you feel necessary and are ready to assume the responsibility that a loan withholds. Especially focus on the length of your obligation.
  8. Remember that it's okay to request and check your own credit report at BKR Aruba.
  9. Be sure to check your own credit report when you request your credit report directly from BKR Aruba.
  10. Read the fine prints of the contract you have signed together with the bank.
  11. Ask question before you go over in signing any legal documents that refers to you request for a loan.
  12. Be sure you know what interest rate you'll be paying and how long for any loans. You also need to know about any annual fees, late charges or other fees, and whether there are grace periods for payment before interest is applied.
  13. Set goals when you are about to make a loan, and put them in writing. Everyone's circumstances are different, so spend some quality time thinking about your own priorities.
  14. Consult the law first, to be informed how much repayment can be applied to pay every month from your salary.
  15. Change your attitudes about money and how to spend.
  16. Learn how to say no to your spouse or children without feeling guilty, when it is about money or spend.
  17. Pay off debt instead of moving around it.
  18. Spend as you earn. Overspending could lead to financial gaps for you and your family.
  19. Make it a habit to cancel your payments such as your monthly installments on time and you will notice that all financial institution will always have their doors wide open for you.


Information


The task of Foundation BKR Aruba is to inform the banks and financial institutions about all loan agreements their customers have entered into. This information helps the banks and financial institutions in evaluating a credit application. In this way BKR Aruba helps in limiting credit and repayment risks as well as overexposure to credit and other problematic debt situations.


BKR Aruba must comply with the following law of Aruba, which is as follow;

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AB 2011 no. 37 *CENTRAAL WETTENREGISTER* 18 september 2013

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Intitulé : LANDSVERORDENING van 19 mei 2011 houdende nieuwe regels

ter bescherming van de persoonlijke levenssfeer in verband met het vastleggen en verstrekken van persoonsgegevens (Landsverordening persoonsregistratie)

Citeertitel: Landsverordening persoonsregistratie

Vindplaats : AB 2011 no. 37

Wijzigingen: Geen

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Artikel 10

  1. Indien voor de verstrekking van gegevens uit een persoonsregistratie toestemming van de geregistreerde is vereist, kan deze slechts schriftelijk worden gegeven.
  2. De toestemming kan betrekking hebben op één geval of op een beperkte categorie van gevallen en moet in het geschrift nauwkeurig zijn omschreven.
  3. De toestemming kan steeds schriftelijk worden ingetrokken.

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All credit agreements, which are concluded, should be reported to BKR Aruba. BKR Aruba captures this information in a secure credit registration.


The information recorded is among others:

1. The amount of the credit;

2. The date the credit started (first month of repayment);

3. The agreed final month of repayment;

4. The actual month of final repayment;

5. The type of credit; and

6. Any peculiarities in the repayment of the credit.


The register also includes personal information such as:

1. Surname;

2. Initial(s);

3. Date of birth;

4. Address; and

5. Location.


Participants should notify BKR Aruba of any arrears in payments (past due amounts). The consumer should be warned in advance that past due amounts will be reported to BKR. A report in our database of a past due amount means that new loans will be more difficult to close and gives the bank an additional tool to motivate clients with past due amounts. A backlog reporting is done by means of an agreed upon code.


The following codes are used:

Code A: Past Due Notification; a past due notification on a credit is given by the lender.

Code H: Recovery; a credit with Code A that has paid all past due amounts is converted to a Code H.

Code 1: Code 1 is a credit with a past due amount on which a payment settlement has been agreed upon.

Code 2: The outstanding loan has been fully payable.

Code 3: 500 florin or more on the debt has been written off.

Code 4: The borrower is unreachable for the lender.


BKR Aruba is an independent party. We provide insight into the credit data of a natural person. The credit data should be objective. BKR Aruba will never provide an opinion whether or not to issue a loan; such a decision is always for the account of the lender.


Protection:

The credit registration system is a highly secure one. The computer is in a secure area and access to the systems is monitored with modern software. Also, all changes and queries are recorded in order to be able to perform an audit trail. We also audit the system annually by independent specialized EDP auditors.