Part of the HMS loan application process is the preparation of a credit rating, which is carried out in collaboration with Creditinfo, and a payment rating fee is charged according to Creditinfo tariff at any time, which currently costs ISK 7,420* for an individual and ISK 14,310* for a couple. If a search in the databases on financial matters and creditworthiness gives a negative result, the payment and credit rating is declined and the borrower will then be sent the information about the results of the search in the database. When the applicant has completed the credit rating process he will receive the following data by e-mail: The credit rating results, a standard blank form, data from the Consumer Agency, a draft loan agreement, amortization table, payment plan and explanatory notes and counselling from the lender.

 *May change according to Creditinfo 's tariff

Questions and answers about a credit rat­ing

When the applicant has checked his ability to pay by preparing a payment and credit rating and compared loan options on the market with a standard information sheet, the next step is to  apply for a loan.