27/09/2024
Finantsinspektsioon issued a precept to Creditstar Estonia AS (registry code 11251314) because it identified deficiencies in the internal regulations for assessing consumer creditworthiness and granting consumer credit.
The inspection at Creditstar Estonia AS by Finantsinspektsioon assessed the methodology used at the company for assessing creditworthiness and whether it was applied in accordance with the law governing it. The inspection also looked at how the creditor collected information on consumers and issued credit to them.
Finantsinspektsioon found during the inspection that the internal rules at Creditstar Estonia AS for assessing the creditworthiness of consumers did not fully comply with the requirements of the Creditors and Credit Intermediaries Act. Shortcomings were also found in the assessment of their credit capacity. Finantsinspektsioon required the shortcomings to be remedied by the end of March this year at the latest. Assessing credit capacity is an important part of responsible lending that makes sure that credit is not given to people who are unable to repay it.
Finantsinspektsioon has the right to publish on its website the contents of precepts issued to creditors, covering the type and scope of any breaches of the rules, the details of the person responsible for the breach, and information on appeals against decisions or withdrawals of them. Precepts may be appealed at the Tallinn Administrative Court within 30 days of notification of the administrative decision.