How to remove my name from the Bank of Portugal blacklist
It is known as “the black list” of the Bank of Portugal, but the Central Credit Responsibilities (CRC) is nothing less than a database containing negative and positive information.
All individuals and companies, with debts in banks or other financial institutions, have their name and credits registered in this database of Banco de Portugal. The CRC also contains potential credits. For example, the cap on a credit card (even if it has not been used).
According to the supervisor, the CRC contains information of a positive and negative nature, since all credit liabilities above 50 euros, contracted in the financial system, are communicated, regardless of whether they are in good standing or in default.
So, having this in Banco de Portugal is not necessarily a bad name. The case changes shape if it is given as “non-compliant”. When a customer fails to pay an installment and this is recorded in C, it is common to say that his name has entered the Bank of Portugal’s “black list”.
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At the end of each period, banking institutions inform Banco de Portugal about the individual evolution of the payment of each credit. If on the last day of the month the customer has not paid the monthly fee properly on the date, this credit is provided as remaining in compliance.
How to get the credit responsibilities map?
To obtain the map of responsibilities, you must access the website of the Portugal’s bank. After reading and accepting the conditions, you must choose a date (month and year) to consult your credits and then click on “get map”.
To continue, you will have to authenticate yourself, with credentials from the Finance Portal (tax number and password). And that’s it, you’ll be presented with your map of responsibilities that you can download and save in PDF format.
This document contains individual and detailed information on all the credits you have (or in which you are guarantor and guarantor) by financial institution, as well as the state in which the monthly payment is located. And it even includes your potential credit liabilities.
How to remove the name from the “blacklist”?
There are a few ways to withdraw your name from the Bank of Portugal’s “black list”: regularizing the amounts owed, renegotiating credit terms, consolidating credits or requesting insolvency.
From the moment you settle the debt with the credit institution, the latter is obliged to activate the communication to the Bank of Portugal and the default will no longer appear on the map of the following month.
But be careful, because failure to comply with the months in which you did not pay the installments will not disappear from the CRC, at least, for 10 years. This is the maximum period of time that Banco de Portugal is obliged to keep this data.
To try to remove your name from this list, you can also go to your bank and ask to renegotiate your credit conditions. An attempt to trade with a grace period, or a time limit reduction of the term.
If you reach an agreement with your bank, this information will also be communicated to Banco de Portugal and the credit will appear in the database as renegotiated credit and not as overdue credit (in default situation).
We can also opt for a credit guarantee. If you have several credits in hand, when you consolidate you will only pay a single installment, generally with better conditions compared to the average of all the credits you had. This alternative can give you a safe package and make it easier.
And finally getting it, although it is a less recommended alternative, you can file for insolvency, if you are in a limited situation where you don’t even face your debts. Filing for personal insolvency should be a solution of last resort.
And don’t forget, if you’re in financial trouble, don’t be shy about asking for help. Inform yourself with specialized entities and act preventively.
Also read: How many months of salary do you need to save to survive in an emergency?