Latvia to let residents formally register refusal to take out loans
Amendments to Latvia's Credit Information Bureau Law will let any individual mark in the bureau's database that they refuse to receive credit, a note lenders must respect. The changes also simplify access to consolidated information on one's own credit obligations.
Latvia is introducing amendments to the Credit Information Bureau Law that will allow any individual to register a note in the credit information bureau's database stating they do not wish to receive credit. The changes take effect on 15 September 2026 but will apply from 20 November 2026.
The note will be visible to all users of credit information, including lenders, who will be required to observe it. The aim is to reduce ill-considered borrowing and strengthen protection against fraud in cases where stolen personal data or banking authentication tools are used to take out a loan in someone else's name.
Withdrawal and authorized representatives
A person will be able to withdraw the note, but it will only be deleted three days after the withdrawal request is received — a waiting period designed to prevent impulsive borrowing decisions. An authorized representative or guardian will also be able to register the note on a person's behalf to protect their economic interests.
To make the note binding on lenders, the Consumer Rights Protection Law has also been amended, requiring lenders to check before issuing new credit whether a consumer has registered such a note and to take it into account.
Simplified access to information
The amendments also broaden the circle of credit information users to include individuals themselves. This introduces a so-called one-stop-shop principle, allowing consumers to access all information about their credit obligations in one place.
Until now, consumers could approach data controllers individually to request their credit information, but since several organizations handle such data, gathering it could be burdensome. Going forward, a person will be able to obtain consolidated information about all their credit obligations and their repayment status from a single credit information bureau, which will be entitled to request data from other bureaus on the consumer's behalf. Such collected data will not be stored in the bureaus' databases but only passed to the requester and then deleted. Individuals will retain the option to approach each data controller separately as well.
