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Hey /biz/, I work in the lending industry...
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Hey /biz/, I work in the lending industry and a question popped into my mind.

How does lending work in other countries? Specifically Europe and Asia.

How does credit reporting work in these places? Do they have bureaus like we do? In a place like Europe where people may often finance items in countries they may not live in, how does the underwriting process work?

I look forward to hearing specifically from those of you living or who have lived in these places.
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>>1033739
Same as USA I suppose, however Europeans hate lending, it is not our culture to owe someone.
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>>1033745
Britain on the other hand seems a bit different. More American with our credit utilisation.
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>>1033745
Surely people take out loans. I can't imagine that people don't at least take out mortgages or the occasional car loan. If not, even a simple charge account.
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>>1033750
economically we are very similar to America

the current chancellor of the exchequer is somewhat Reganite/Thatherite
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In holland its commen sense that you only get a morgage, if you take out a car loan you are simply retarded
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>>1033739
Credit is nice to have in case of an emergency. Buying even a new phone on credit is cringe worthy as fuck and you seriously risk losing friends if they find out.

Regards
Denmark
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>>1033768
>>1033768
Dutch bro
Talked to an Opel dealer a few months back. And he told me that around 90% of the car sold new are paid with a loan.

But in the Netherlands you don't have many people who buy a car new (mostly occasions or cars that comes with a job).


In the Netherlands we have a goverment institution (BKR) that keeps track of your loans and if your late with your payments you get a rating.

THat rating is an combination of a number (A = late payments, H = late payments in the past but you try to recover them).

And a number (0 - 6), for example when you have a A4 rating that means you have late payments on a loan and the loan owner can't get in touch with you.

As a result, you will get a hard time getting a new loan.


You can declare bankrupcy, consequences is that you have to pay as much as possible for 3 years then you are free to go.
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>>1033754
House mortgages yeah, perhaps car loans. Credit cards are very shunned as they make it so you can't get a house mortgage. Also because of said anti-debt culture.
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>>1033739
Asia is a mess.

If youre not industrial or first world, its gonna be hard to lend though they are starting to have credit beau rues and shit.
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