The Norwegian Competition Authority supports plans to expand the national debt register to include secured debts such as mortgages and car loans. This extension aims to reduce information imbalances in the lending market, giving all lenders—especially smaller and new entrants—equal access to borrower data, which could improve loan offers and pricing for consumers.
However, the Authority warns against a proposed ban on using personal debt information for marketing purposes—even with consumer consent. Such a restriction could hinder loan brokers from obtaining offers on behalf of consumers, making it harder for borrowers to find the best loan deals.
Kristjan Ryste, acting deputy head of the finance and communication division, stressed that easier access to comparable loan offers benefits consumers and market efficiency. The Authority also urged that data access regulations be aligned with EU frameworks like PSD2 and FIDA, which promote controlled sharing of financial data to foster competition and innovation. Alternative privacy safeguards should be explored to avoid unnecessarily limiting market competition.
Source: https://konkurransetilsynet.no/utvidelse-av-gjeldsregisteret-kan-styrke-konkurransen-i-lanemarkedet/
