Being registered in the Credit Responsibilities Center of the Bank of Portugal is a normal situation for those with credits. However, when there are overdue installments or default situations, the analysis of a new credit application can become more demanding.

If you're considering consolidating several credits, know what is in the Credit Responsibility Center, how this information may be considered, and what you can do if you have overdue payments.

What does it mean to be at Banco de Portugal?

Having a credit means, in general, that this responsibility is reported to the Credit Responsibilities Center (CRC) of the Bank of Portugal.

CRC is a database that gathers information about customer credit responsibilities, including regular credits, overdue credits, and certain potential liabilities.

That's why saying someone "is at Banco de Portugal" doesn't mean, by itself, that they have overdue debts. Having credits registered in CRC is a normal situation for someone with credit responsibilities.

What matters is understanding the status of these credits: whether payments are up to date or if there are overdue amounts.

What information appears in the Credit Responsibility Center?

CRC may include different types of credit responsibilities.

Among others, may include:

housing credit;

personal loan

car loan;

bank statements;

used credit card amounts;

contracted amounts, but not yet used, of credit cards;

credit lines contracted and not used;

certain guarantees, sureties, and endorsements.

The information allows to know, among other elements, the debt amounts, deadlines, and credit status.

Does having credits registered hinder consolidation?

No. Having multiple credits registered in the CRC does not mean you cannot request a consolidation. On the contrary, the existence of these obligations is part of the information that can be considered in the analysis of a consolidation operation.

The credit institution or credit intermediary may analyze factors such as:

income;
expenses;
current installment amount;
total amount of liabilities;
income stability;
compliance history;
ability to support the new installment.

In consolidation, several credits are replaced by a new operation, so it's important to assess the client's overall financial situation.

Do many credits hinder approval?

There is no specific number of credits from which consolidation becomes impossible.

The number and value of liabilities are naturally elements that can be considered in assessing financial capacity, but the decision depends on the client's overall situation.

For example, a person may have several credits and keep payments up to date, while another may have fewer responsibilities but already show difficulties in meeting installments.

Therefore, having multiple credits does not automatically mean having a negative credit profile.

What if there are overdue payments?

Here the situation is different. When there are overdue payments, this information is communicated to CRC and can be considered by institutions in the credit risk assessment. Banco de Portugal explains that the existence of a loan with overdue payments may lead participating institutions in CRC to refuse new credits.

So, a default situation can make it harder to get a new consolidation operation.

This does not mean, however, that any delay situation necessarily has the same response. The analysis depends on the specific situation, the debt amount, the duration of non-compliance, income, and other responsibilities.

Can I consolidate credits if I'm already in default?

It depends on the situation. When there are overdue payments, before seeking a new credit operation, it may be important to contact the credit institution and understand what settlement solutions may be available.

In certain situations, renegotiation, refinancing, or consolidation measures may be analyzed to regularize non-compliance. There are specific rules for these operations when related to non-compliance regularization.

If already in default, the most important is not to assume consolidation will be automatically approved. Viability must be assessed according to the actual financial situation.

What happens if you default?

Non-compliance can have several consequences. In addition to the debt amounts, late fees and other charges provided for in the legislation and the contract may be charged. The non-compliance situation is also reported to the CRC and may be considered in the evaluation of future credit requests.

That's why, if you already foresee difficulties in paying, it's better to contact the credit institution before missing payments.

How to know what appears in my record?

You can freely consult your credit responsibilities map through the services provided by Banco de Portugal.

The document allows you to check credit responsibilities associated with your name, including information about credits and their status.

Check the map can be especially useful before seeking consolidation, because it allows a global view of the responsibilities that will be considered in the analysis.

Can consolidation help reduce the payment burden?

Can. A consolidation allows combining several credits into a single operation, potentially resulting in a lower monthly payment than the sum of previous payments.

However, a lower monthly payment does not necessarily mean the loan will be cheaper overall.

The term of the new loan, interest rate, and other costs must be analyzed before making a decision. A longer term may reduce the monthly payment, but increase the period during which interest will be paid.

Therefore, it is important to compare not only the monthly payment, but also the total cost of the operation.

We can say this upfront, but in a way that doesn't scare potential customers with the issue of "getting more expensive."

What to do before seeking consolidation?

Before proceeding, it may be useful:

1. View the credit responsibility map

Confirm which credits are recorded and if there are overdue amounts.

2. Add all current installments

See how much you are currently paying every month.

3. Evaluate the monthly budget

Compare returns with existing expenses and responsibilities.

4. Identify potential delays

If there are overdue payments, first find out the available regularization options.

5. Compare the consolidation conditions

Don't just analyze the new payment. Check also the term, interest rate, and total cost.

Have several credits and want to know if you can simplify your budget?

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Frequently Asked Questions:

1. Having credits registered with Banco de Portugal is bad?

No. Having credit responsibilities registered in the CRC is a normal situation for those with credits. The CRC includes information about regular credits and also about default situations.

2. Having credits in CRC prevent consolidation?

Not necessarily. The existence of credits is considered in the financial situation analysis, but the approval possibility depends on several factors, including income, expenses, responsibilities, and compliance history.

3. A credit card appears in the Credit Responsibilities Center?

Yes. The amounts used from credit cards constitute effective credit liabilities. The amounts contracted but not used can also be reported as potential liabilities.

4. Having many credit cards can affect consolidation?

Credit card responsibilities are part of the information considered in financial capacity analysis. Therefore, cards can be relevant even without default.

5. What is considered a breach?

Poupança no Minuto: Default occurs when payment obligations under the credit contract are not met on time. Defaulted credits are reported to CRC.

6. Can I request consolidation if I have overdue payments?

You can search to find a solution suitable for your situation, but the existence of default may make the analysis more demanding. When there are delays, it is important to also assess the possibilities of regularization with the credit institution.

7. How can I access my Credit Responsibility Center?

You can freely check your credit responsibility map through the Banco de Portugal website.

8. Does non-compliance remain permanently recorded?

Do not present it this way. The CRC information is updated based on the information communicated by participating entities, and the map reflects the credit responsibilities in the periods it concerns.

9. Does consolidation always reduce the installment?

No. Consolidation may allow reducing the monthly payment, but it depends on the conditions of the new operation, including the amount, term, and interest rate. A lower payment may also result in a higher total cost if the term is significantly increased.

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