companydata.dkCredit reporting agency (kreditoplysningsbureau)
A kreditoplysningsbureau (credit reporting agency) is a business that commercially processes and discloses information for assessing financial standing and creditworthiness. Operating one requires a licence from the Danish Data Protection Agency and is regulated by the Danish Data Protection Act.
Credit reporting agencies supply credit assessments, credit reports, and payment remarks to businesses making credit decisions. The rules impose requirements on data quality, duties to inform the registered parties, and limits on how old information may be used — as a general rule, matters more than five years old may not be disclosed.
Why is a licence required?
Credit information can have major consequences for the party assessed — a negative rating can cost orders and financing. The licence requirement and the Data Protection Agency's supervision are meant to ensure information is accurate and current, and that assessments rest on an objective basis. The requirements apply even when credit assessments build on publicly available data.
Related terms
Credit assessment (kreditvurdering)
A credit assessment (kreditvurdering) is a systematic evaluation of whether a company can and will pay its obligations. It typically builds on financials and key figures, the company's age and industry, and the history of management and owners.
Bankruptcy (konkurs)
Konkurs (bankruptcy) is the judicial winding-up of an insolvent company: the bankruptcy court issues a decree, a trustee takes over the estate, assets are sold, and proceeds are distributed to creditors by statutory priority.