Financial data: what does Schufa know?

Anyone interested in how Schufa and other credit agencies evaluate creditworthiness can request a free self-assessment annually.

As soon as the current account is opened or the first cell phone contract is signed, it is on our radar: the protection association for general credit protection. Schufa collects information about the business relationships of consumers - currently more than 66 million. It is the largest and best known credit agency, but not the only one. Others are called Creditreform or Bürgel Wirtschaftsinformatik.

Storage

Schufa often knows about sales contracts and knows the number of accounts and credit cards. It receives the information from partner companies such as mail order companies, credit institutions and mobile phone providers. Customers themselves give their consent by signing the Schufa clause in contracts. The data collectors also store so-called negative characteristics: for example, if a buyer has not paid invoices despite a second reminder or if there is a private insolvency. For example, income, occupation, nationality, marital status, account and custody accounts are not collected.

analysis

With its knowledge, Schufa creates credit profiles and calculates the so-called score values. This gives partner companies an assessment of the likelihood that customers will pay loans or an invoice. Conversely, private individuals can obtain information about the creditworthiness of companies from Schufa - for a fee.

Result

According to the protection community, the payment behavior of Germans is good: almost 98 percent of all consumer loans are properly served. In addition, only every eleventh has a negative entry. However, this can have unpleasant consequences: A mobile operator may refuse the mobile phone contract, or a seller may insist on advance payment because the score does not seem good enough to him.

information desk

Consumers should check what Schufa knows or accepts and what score it has determined. Everyone has the right (Section 34 of the Federal Data Protection Act) to request a free overview once a year - also from other credit agencies. If someone encounters inconsistencies, they should report. If the error is not resolved, the next step is to contact the Schufa ombudsman.

prehistory

Those who had payment difficulties in previous years do not have to fear for their creditworthiness permanently. A negative entry can be eliminated by removing the reason for the entry. As a rule, Schufa deletes data three years after it has been dealt with, and in the case of smaller claims under certain conditions, immediately.