1. What is the IKO?
The Information Centre for Consumer Credit (IKO) is a Swiss organization that collects data pertaining to the loans and leases of private individuals.
The work of the IKO is based on the Consumer Credit Act (not available in English). The IKO is a federal body that falls under the supervision of the Federal Department of Justice and Police (FDJP).
According to the Ordinance to the Consumer Credit Act, lenders must report the following information to the IKO for every approved consumer loan and lease:
Last name, first name, address, and date of birth of borrower
Type of credit
Agreement start date
Number of instalments
Gross loan amount including contractually agreed interest rates and costs
Agreement end date (if contractually agreed)
Amount of repayment instalments (if contractually agreed)
Any payment delays
The following must also be reported to the IKO:
Credit and store cards, including credit limit
Overdraft limits on current accounts
Outstanding payments that amount to at least 10% of the loan amount, or three monthly instalments in the case of a lease
Overdraft limits, if an outstanding balance of over 3,000 francs is accumulated over a three-month period
For the credit capacity check, lenders must request information from the IKO regarding any obligations reported for the borrower in question.
2. How the IKO differs from the ZEK
Unlike the ZEK, the IKO only records data pertaining to ongoing obligations that are subject to the Consumer Credit Act. The aim of the IKO is to prevent borrowers from falling into excessive debt.
The IKO is subject to data protection laws. Everyone is entitled to request personal information stored about themselves at the IKO (link not available in English). To do this, you need to send an information request form with a handwritten signature, together with a copy of an official ID (identity card, passport, driving licence) to the IKO. The IKO is then legally required to provide the information within 30 days.
3. What is the difference between the ZEK and the IKO?
In the course of the revision of the Consumer Credit Act (KKG), a separate body was created – the Information Centre for Consumer Credit (IKO). This requires providers of loans and leases to record the loan and lease activities of private individuals.
This means the IKO is directly linked to the Consumer Credit Act. It is designed to protect borrowers and lessees from falling into excessive debt.
At the time of the revision, the work of the ZEK already covered the main tasks of the IKO and often much more besides. It was therefore agreed by law that the IKO would "cooperate with the ZEK on a voluntary basis". Since then, the databases have been managed separately. The two organizations are separate legal entities, each having its own executive board.
Similarities
Personal data: Last name, first name, date of birth, address
Credit types: Last name, first name, date of birth, address
Rental agreements: Hire purchase, leases
Credit and store cards: Payment delays, credit card debt
Differences
| IKO | ZEK |
|---|---|
| Meets the requirements of the Consumer Credit Act | Meets the information requirements of the lender |
| Data on current loans, leases and credit cards only | Also includes enquiries and rejections |
| Data on consumer loans subject to the Consumer Credit Act only | Also includes data on loans and leases not subject to the Consumer Credit Act (e.g. loans over 80,000 francs and the obligations of legal entities) |
| Includes credit information relating to credit cards | |
| Information from other official sources (e.g. bankruptcy, inheritance, guardianship, legal aid) |
4. IKO extract: your right to see personal information stored about you
Both the IKO and the ZEK respect your right to see the personal information they store about you. This means that you can request an extract free of charge at any time. However, this will not include the reasons for any rejected loan applications.
Request a ZEK extract (in German and French only)
Request an IKO extract (in German and French only)
This article was first published on 10.01.2022
