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Home Page Services DFO & MPS
Default Financial Obligation System (DFO) & Mortgages and Prenotations to Mortgages System (MPS)

General Information

The Default Financial Obligation System contains data (e.g. bounced checks, liquidation auction announcements, bankruptcies) concerning the credit behavior of individuals and companies. The Mortgages and Prenotations to Mortgages System contains data regarding mortgages, prenotation of mortgages, and conversions of prenotation to mortgages. Both DFO & MPS allows the banks to complete and support a more accurate assessment of a client's financial credibility (current or future) by the banks.


Data Categories/Sources

The data sources and the Default Financial Obligation System data categories of Tiresias are the following:

Data sources Categories
Banks and financial institutions Bounced cheques
Unpaid (at maturity) bills of exchange
Filings for debt adjustment and discharge (L. 3869/2010)
Debt adjustment judgments (L. 3869/2010)
Termination of consumer/ housing/ business loan or credit card contracts
Courts of first instance Filings for Bankruptcy
Judgments rejecting filings for bankruptcy due to insufficient wealth of the debtor
Adjudicated Bankruptcies
Issued orders of payment
Orders for the restitution of use of leased property
Magistrate's Court Filings for Bankruptcy
Reconciliation / rehabilitation procedures (art. 99, Bankruptcy code)
Liquidation auction announcements of real property
Liquidation auction announcements of chattels
Filings for debt adjustment and discharge (L. 3869/2010)
Debt adjustment judgments (L. 3869/2010)
Registries of deeds/
Cadastral offices
Mortgages and prenotations of mortgages
Conversions of prenotations to mortgages
Forfeitures of the Legislative Decree 1923
Ministry of Finance Administrative sanctions against tax law violators


Storage Time for DFO

The data is deleted upon full payment, provided that the following storage time has expired:

Data Categories Storage time
Bounced cheques 2 years
Unpaid (at maturity) bills of exchange
Termination of consumer/ housing/ business loan or credit card contracts 2 years
Issued orders of payment 3 years
Liquidation auction announcements of real property or chattels 4 years
Forfeitures and cheques of the Legislative Decree 1923 4 years
Administrative sanctions against tax law violators 4 years
Filings for Bankruptcy Data are deleted either upon the entry of the information regarding the adjudicated bankruptcy or 12 months after the cancellation of the relevant discussion. In any case data are deleted upon completion of 5 years from the filing. They are also deleted in the case of rejecting judgment due to insufficient wealth of the debtor, but the latter is kept in the DFO system for 10 years.
Reconciliation / rehabilitation procedures
(art. 99, Bankruptcy code)
- Filings are deleted 5 years after their registration in the qualified court.

- Decisions validated by the court will be kept for 5 years beginning from the date of their annulment validity duration agreement. In case of rejection or annulment of the validation of agreement, all relative data will be kept for 5 years beginning from the promulgation date of the relative agreement decision.
Adjudicated Bankruptcies 10 years (unless their procedure has not been completed, but at a maximum of 15 years from their registration in the qualified court).
Conversions of prenotations to mortgages Until they are deleted
Filings for debt adjustment and discharge
(L. 3869/2010)
- Debt adjustment and discharge reconciliations that have been validated by the court will be kept for 3 years beginning from the date of the full repayment of their debt.
- In case of no reconciliation all relative data will be kept for 3 years beginning from the trial date.
- In case of notice of discontinuation of the applicant, data is kept for 1 year from the filing.
Debt adjustment judgments
(L. 3869/2010)
The judgments are kept for 3 years from the acquittance (art.11 & 1a, leg.3869/10) or 3 years from the acceptation (art.8 & 5, leg.3869/10)
Orders for the restitution of use of leased property 3 years from their publishing

Storage Time for MPS

Data Categories Storage time
Mortgages, Prenotations of Mortgages Until their deletion

* For a more detailed review of the rules for exceptions regarding storage time of bounced checks and/or unpaid bills of exchange follow the link: http://www.teiresias.gr/teiresias/SOS/index.html (in greek).

Correction of information takes place if the data stored in the database is, in a justified manner, inaccurate or incomplete.

     
     
 
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