Well-known banks under the microscope of the Office of Competition and Consumer Protection. They face severe penalties

At the beginning of last year, the Office of Competition and Consumer Protection (UOKiK) initiated explanatory proceedings, which analyze, among others, whether the models used by the Credit Information Bureau (BIK) and banks may be contrary to the rules of competition.

The Office of Competition and Consumer Protection searched BIK and banks

As part of their activities, UOKiK employees, with the consent of the court and with the assistance of the police, searched the offices of four entities: Credit Information Bureau, ING Bank Śląski, mBank and mBank Hipoteczny

The ongoing proceedings concern the principles of assessing creditworthiness when granting mortgage loans. – The President of the Office of Competition and Consumer Protection checks whether banks provide, via BIK, information, among others: on the number of credit inquiries is necessary to assess whether the client can repay the long-term debt. Creditworthiness assessment takes into account not only the repayment history, debt level and the number and type of liabilities, but also the number of credit inquiries submitted. In practice, this may mean that an informed and rational consumer who compares the offers of several banks receives a lower score than one who uses the offer only from his home bank – we read in the announcement issued by the Office of Competition and Consumer Protection.

The Office verifies whether such a solution adopted by the sector and in operation for many years does not discourage consumers from searching for and choosing the most advantageous loan offer.

At the same time, the Office of Competition and Consumer Protection is examining whether the method of collecting, processing and sharing information about credit inquiries by BIK may constitute an abuse of a dominant position. The Office indicates that an entrepreneur holding a dominant position has special responsibility for its actions and cannot use its position to the detriment of its contractors and consumers.

– The issues analyzed in the proceedings are extremely important both for the functioning of the financial market and for millions of consumers applying for loans, especially mortgage loans. This requires a thorough analysis of the evidence on our part and clarification of this highly questionable matter. An informed consumer cannot be penalized in any way by lowering his creditworthiness for his activity in obtaining the best offer and credit conditions. We must ensure that information exchange in the banking sector serves the market and consumers, without restricting competition between banks – says Tomasz Chróstny, president of the Office of Competition and Consumer Protection.

What penalties?

The announcement emphasized that the explanatory proceedings are currently being conducted in the case and not against specific entities. If the suspicions are confirmed, the Office of Competition and Consumer Protection may initiate antitrust proceedings, which may result in a sanction of up to 10%. turnover in the event of competition-restricting practices being found.