Payment rating and credit rating

The Housing and Construction Authority's credit rating is based on examining the applicant's payment history and defaulter's list.

The reliability of the credit rating is based on how realistic the applicant is in the assessment of their financial situation. The credit rating is based on the current situation and it is necessary to keep in mind that the situation may change. The borrower's creditworthiness must be checked. That assessment is based on the business relationship history with HMS and information from financial and credit databases. During the assessment, the following databases are searched electronically:

When determining maintenance figures in the Housing and Construction Authority's payment and credit rating process, applicants can choose to use:

If people choose to use their own real numbers, they cannot be lower than the basic set of standards of the Ministry of Welfare.

Consumption standards for households in Iceland

Consumption standards calculator

Typical consumption criterion

A criterion based on the actual expenditure of households according to expenditure study by Statistics Iceland. The typical criteria should reflect and give the most comprehensive picture of the typical expenses of Icelandic households. Then it is based on the median value of expenses, so that half of the households have lower expenses and the other half of the households have higher expenses. This is therefore neither a minimum nor a maximum standard.

Basic criteria

The basic standard provides an indication of what people need as a minimum to support themselves.