The Norwegian competition authority, known as Konkurransetilsynet, has expressed its support for the proposed expansion of the debt register to include secured debts such as mortgages and car loans. This expansion aims to reduce information asymmetry in the loan market, allowing lenders to have equal access to information about loan applicants.

Kristjan Ryste, the acting deputy head of the finance and communication department at Konkurransetilsynet, stated that when all loan providers have access to the same information, it becomes easier for smaller and new lenders to compete with established banks. This could lead to better offers for consumers and more efficient loan pricing.

Additionally, the department has proposed a ban on the use of personal debt information for marketing purposes, even with consumer consent, to ensure privacy and consumer protection. However, Konkurransetilsynet warns that such a ban could have unintended consequences for market competition.

Ryste emphasized that allowing loan brokers to gather offers from banks or other lenders simplifies the process for consumers to compare and find the best loans. If brokers are no longer able to access debt information with consumer consent, it may become more challenging for consumers to identify the best offers.

Konkurransetilsynet also highlighted the importance of regulating access to financial data in line with developments in the EU. Frameworks like PSD2 and FIDA promote controlled sharing of personal financial information to enhance competition and innovation. The authority suggests exploring alternative measures that can protect privacy while minimizing restrictions on competition.