Does Sweden Have a Credit Score? A Guide To Sweden’s Credit System

Updated May 2022 | Written By Johanneskallman

A lot of people are curious about Sweden's credit score. Do they even have one? How does the Swedish credit system work?

In this blog post, we will answer these questions and more!

We will discuss how the Swedish credit system works, what factors influence your credit credibility, as well as ways to improve it. So if you're interested in learning more about Sweden's credit "score", keep reading!

Does Sweden Have a Credit Score?

In Sweden, there is no such thing as a credit score. So what does that mean for the Swedish credit system?

Basically, it means that there is no one number that lenders can look at to determine your creditworthiness. Instead, they will look at a variety of factors to decide if you are a good candidate for a loan.

In essence, it's more about credit credibility and some of the main factors that contribute to your credibility are:

  • Having a stable and large income.
  • Good Employment history.
  • Good Credit history.
  • No failures to repay previous debt.

How To Check Personal Credit In Sweden?

If you want to check your personal credit in Sweden, you can do so by requesting a credit report from any of the three major credit bureaus: UC, Creditsafe, or Bisnode. However, this comes at a small cost.

Another alternative is by using the free service of where you can do a free personal credit check by yourself. After verifying your identity by using mobile BankID your information is collected from Creditsafes register and is presented to you in a simple-to-understand way with a credit score.

These reports will show you your payment history and any debts that you have outstanding. It's a good idea to check your credit report regularly so that you can keep track of your financial history and make sure that there are no errors.

The companies are strictly regulated by the government about what data they can and cannot store in their database, mostly information that is already publicly available through public government sources such as:

  • Your marital status
  • Addresses
  • Phone numbers
  • Companies or nonprofits that you are a registered board member or CEO of
  • Outstanding debt at the government debt collection agency
  • History of unpaid debts in recent years
  • Evictions and if the eviction is based on disturbing your neighbours
  • Declared income each year for the last five years, separated by income from wages and capital gains
  • Mortgages and approved lines of credit

How To Get A Better Credit Credibility In Sweden

improve credit sweden

One of the best ways of improving your Swedish Credit Credibility is by consolidating all of your different loans into one loan with a lower interest rate. There are a few online banks that provide this type of service - here are the three best ones:

  1. Advisa - Read Review
  2. Zmarta - Read Review
  3. Lendo - Read Review

Another way of improving your credit credibility is by paying off any outstanding debts that you may have. By doing this, you will show lenders that you are responsible and capable of repaying your debts.

You can also improve your credit credibility by maintaining a good employment history and by having a stable income. Lenders will be more likely to approve your loan if they see that you have a steady job and a steady income.

Is There Any Advantage To Using A Credit Card In Sweden?

In terms of your credit score, there is no inherent advantage to using a credit card in Sweden - if your goal is to build a better "credit score".

With that being said, there are a few advantages to using a credit card in Sweden.

  1. First of all, if you use your credit card wisely, it can help you build up a good credit history which can be helpful if you ever need to take out a personal loan or mortgage in the future.
  2. Secondly, using a credit card can also help you earn rewards and perks such as cashback or air miles.
  3. Finally, credit cards can also provide you with valuable consumer protection, such as purchase protection and an extended warranty. If you use your credit card responsibly, it can be a valuable tool in your financial toolbox.

Despite this, debit cards are actually used about 10 times more than credit cards in Sweden, displaying the Swedish culture around finances.

In Conclusion

So there you have it! That is everything you need to know about Sweden's credit system.

Now that you know how the Swedish credit system works, you can be confident when applying for a loan or mortgage in Sweden.

Good luck!

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