IKO (Informationsstelle für Konsumkredit)
Table of Contents
1. What is the Consumer Credit Information Office?
The IKO is the Swiss Consumer Credit Information Office prescribed by law for lenders in the Consumer Credit Act. It registers data of credit and leasing transactions of natural persons for private purposes.
The information is used for credit checks, whereby access is only possible for lenders and exclusively for relevant purposes relating to consumer credit.
2. Type and scope of data stored by the IKO
The following data are registered for personal loans:
Basic data of the borrower (surname, first name, date of birth, address).
Type of credit (cash credit, instalment contract, etc.)
Start of contract
Number of instalments
Gross amount of the credit including contractually agreed interest and costs (principal and total costs)
End of contract
Amount of repayment instalments (monthly instalments), if agreed
In the case of leasing contracts:
Amount of leasing obligations
Duration of contract
Late payments, if more than three leasing instalments
In addition to personal loans and leasing contracts, lenders are required to report credit and charge card accounts if a borrower has used the credit option three times in a row and the outstanding amount is over CHF 3,000.
In credit checks, lenders must take into account all obligations reported on the IKO and include them in the budget calculation (creditworthiness check).
3. Self-disclosure of stored data
The IKO is subject to the Data Protection Act. Everyone has a right to so-called "self-disclosure". A request for information can be made online and is usually processed by the IKO within a few days. The information is usually free of charge.
4. Distinction between the IKO and the ZEK
The ZEK (Central Office for Credit Information) also fulfils the purpose of recording credit information on private individuals as well as partly on legal entities. Both institutions are closely linked in terms of organisation and personnel. Nevertheless, both are independent institutions.
Since the IKO only complies with the requirements of the KKG, the scope of the ZEK's data usually exceeds that of the IKO.