How Credit Works in Portugal

One issue we had when moving to Portugal was not having a credit history. Portuguese business culture is pretty restrictive, so when you do things like buy or lease a car, things can get complicated, particularly because Europe takes personal data protection seriously.

Who Handles the Equivalent of Credit Score in Portugal?

The first time I heard about this was when researching how to lease a car. I was told that we needed to get a document to prove that we were trustworthy payers. The “Mapa de Responsabilidades’ is what I take to be the equivalent of a credit score in Portugal and what was requested from the leasing company. It doesn’t seem to work the same way (there aren’t point systems – at least as far as I researched), but the Mapa de Responsabilidades seems to be the closest thing. Here’s what I found out about the Mapa de Responsabilidades.

What is a Mapa de Responsabilidades?

This report is generated by the Banco de Portugal. It lists what you owe in credit, what you have lent, and what you back (they call that fiador – so for example, when people rent an apartment, they require a fiador who will be responsible for the rent if you don’t pay).

What is Listed on the Mapa de Responsabilidades?

Detailed info on all your existing credit contracts with a value of 50Є or more regardless of whether your payments are good or late. This information is given to the Banco de Portugal by the credit agency with which you have a contract.
The type of credit responsibility, for example, if you are the primary debtor or the fiador.
The Financial Product (example if it is a personal loan).
The start and expected end date for the debt.
The number of people who are on this transaction (for example, you and your fiador)
Total Euro amount owed.
Any payment you are late on and the first day you missed a payment.

What Happens When There is Incorrect Information on Your Mapa de Responsabilidades?

You need to contact the organization that gave you credit (the one you have a contract with) and work out the details with them so they can send updated information to Banco de Portugal. The info is only updated on a monthly basis, so you may not see the changes right away.

Who is listed by the Cento de Responsabilidades of Portugal?

Anyone who has bank credit in Portugal.

Will I Be Listed Even If I Am Not Considered a Credit Risk?

Yes, as noted above, everyone who has credit in Portugal is listed. People who are exemplary at paying their credit debt, those who are in default, and those who may be a credit risk.

What is Considered Potential Credit By The Bank of Portugal?

Sureties and unused credit are considered potential credit by the Banco de Portugal.

Who is Considered a Credit Risk By the Bank of Portugal?

If you have late payments, in overdue credit or, if payment possibilities are scarce, in credit written off from assets. This won’t necessarily make you a risk. It may make it a bit harder to get credit, but what will get someone to be considered a risk is a history of default or a high level of debt.

How Do I Get My “Credit Report” in Portugal?

Click here to request your Portuguese credit report.

OTHER INTERESTING PORTUGUESE MONETARY AND CREDIT MEASURES

What is The Portuguese Debtor’s Blacklist?

The Banco de Portugal does more than just this report as the Central de Responsabilidades de Crédito (CRC). There are also a list of trustworthy borrowers (LUR) and the blacklist (Lista Negra Devedores). This list deals with checks.

What You Need to Know About the Lista Negra for Checks.

The Lista Negra kicks in, for example, if you were to write a check when there was not enough money in your bank accounts. At that point, the bank will send you a registered letter telling you to fix your account in no more than 30 days. If you do not get enough money into your account, you will receive another letter that tells you that you have been added to the black list.

If you are unsure if you are on the black list, you can go into any bank and they will let you know; but only the bank that got you added to the black list will be able to give you specifics about the situation.

What Happens When Someone is Put on the Lista Negra for Checks?

You will be forbidden from using checks for a period of time of up to two years. In habitual cases that end up in court, this period can be increased to six years.

How to Get Off the Check Black List of Portugal?

If you pay off the check debts, you can make a request to be removed off the list. This is much easier if you have an English Speaking Portuguese Lawyer at your back.

Portugal’s Tax and Social Security Black List

This list contains the names of taxpayers and beneficiaries who did not pay tax debt debts to the AT (Tax Authorities) and Social Security on time.

How to Check If You Are on the Portuguese Tax & Social Security Black List

What is the Black List of Executions in Portugal?

Sounds pretty dire right? Don’t worry, nobody is getting killed here. The lista pública de execuções shows debtors who have been handed a legal reprimand but don’t have enough money or assets to pay the debt (I think of it as a list of people in Bankruptcy. They are put on this list to prevent them from getting more credit and to work alongside them to create a payment plan and make it possible for them to pay off the debt (Don’t ask me how this works, I haven’t had the time to research this…so if you know more about this, leave a note with your comments).