When you are looking to get a loan in Spain, it is important to understand what Good Finance is and what to do if it is assigned.
Good Finance is an acronym for Good Lender and is a record of debit defaults for Spain (a blacklist of credits). This is a database that banks (and lenders) will consult with a researcher who investigates a client before offering any type of financing, such as a loan or a credit card. This, together with the ABC (Unpaid Acceptance Record), is used to decide if you will be eligible for funding.
Paying a bill
A company can assign you Good Finance for not paying a bill, such as a phone bill or electricity bill. If a company places you on this list, then you have to notify them about your inclusion in Good Finance for a maximum of 30 days after your decision. After this, you will be subject to a grace period of 10 days in which you can pay the debt. If the debt is not paid, it will be added to the Good Finance default list for a period of 6 years. This will greatly affect the hiring of any banking or financial service.
I have been added to Good Finance, what can I do?
If you have received the letter stating that it will be placed in Good Finance, there are some options that could help solve the situation, the first one is to pay the requested debt. Second, you can request the deletion of your information if any of the following situations apply to you:
- The debt does not belong to you / The debt cannot be demonstrated as yours.
- You already paid your debt before being added to Good Finance
- The letter was not sent to notify you that it was added to Good Finance
One of these points applies to me, what do I do?
The first thing to do to remove your information from Good Finance is to contact who owes you money. If you cannot reach them, you can visit the Good Finance website, follow their procedure and obtain the necessary forms. When you have been assigned to Good Finance, you have the right to request information about the company that incorporated you, the date you were assigned to Good Finance and the amount that you declare that you owe.