What is the purpose of the credit responsibilities map?

Are you going to hire a loan or need to review your credit portfolio? The Poupança no Minuto can be the ideal service for you. For free, credit intermediaries can handle your process, making a bridge with the banks. But first, let's understand what a credit responsibility map is.

What is the credit responsibilities map?

A responsibilities map is related to the document that the Bank of Portugal (BdP) issues with all credit responsibilities worth more than 50 euros, in various banks.  

It is the banking entities that must declare the information on borrower tables, whereas the BdP is responsible for managing and centralizing them.

Banks must report the situation of each client until the last day of each month, and the Portuguese Central Bank provides the reported information by the 20th of the following month on the respective credit responsibility maps.

It is important to highlight that the BdP keeps customer information for 5 years, but the responsibility map is always relative to the information shared by banks until the last day of the month. Therefore, if you have defaulted on a credit once, you do not retain that "label".

In other words, if you regularize the non-compliance and settle the late payment, the liability map will again assume that there is no default situation in the following month. The same happens if you finish repaying a loan, as in the following month it will already appear in the credit liability map from the Bank of Portugal that you have no outstanding loans.

Issuance of a responsibilities map at BdP.

By issuing a credit responsibilities map at BdP, you have access to two different maps.

The first is the credit responsibilities map in which the exact information of all credit statements for which one is the holder, guarantor or co-signer is available; and the second is the aggregated credit responsibilities map, which provides a summary of the credit responsibilities for which one is the debtor, guarantor or co-signer, indicating, for each type of credit, the number of contracts signed, total outstanding debt value, default value, potential value, and number of contracts with associated guarantees.  

It should be noted that the information contained in each of the maps is the responsibility of the banks that grant the credits to update, change or rectify, and not the BdP. But after all, how should we interpret a credit responsibility map? Let's see next.

How to interpret a credit responsibilities map?

1. Map holder identification: Identification of the customer's name and tax identification number;
2. Credit responsibilities related to: Date when the map is issued;
3. Type of responsibility: Whether you are a debtor, guarantor or surety of the credit contract;
   
4. Financial product: Type of credit in question, such as consumer credit or mortgage credit;
   
5. Trading type: Completely new operation, operation resulting from regular renegotiation, operation resulting from renegotiation due to default, or operation resulting from automatic renewal; 
   
6. In judicial dispute: credit with a pending judicial action; 
   
7. Start and end: Dates when the credit contract begins and it is expected to end (if referring to 9999-12-31, it means there is no defined end date for the contract, or it has an undetermined maturity); 
   
8. Number of debtors in the contract: number of debtors of the credit in question (if there is more than one debtor, the responsibilities are shared); 
   
9. Total amount in debt: amount to be repaid in the credit contract, including the capital (due, which has not yet been paid in the installments, and overdue, which should have been paid but was not), plus the interest and other overdue amounts (does not include accruing interest); 
   
10. Outstanding amount and default: total value of overdue payments in the credit contract, date of default entry and date of first overdue payment (where overdue credit refers to the absence of overdue payments, and the credit written off the asset refers to the one in default with reduced expectations of recovery of the amounts owed by the bank, but the debtor remains responsible for regularizing the debt); 
    
11. Potential amount: value that may become debt in the future, such as the approved but unused value of credit cards; 
12. Amount and frequency: frequency at which the credit installment is paid, guarantees that may be associated with the credit contract (such as the mortgage on the property).  

Still have doubts? Want to proceed with the credit intermediation service? Contact Poupança no Minuto and we will start your process today!