What is the credit bureau?On January 13, 2020 by admin
Credit bureau plays an important role for anyone thinking about loan financing. Would you like to finance a house or a new car with a loan? With a negative entry it’s almost impossible. But what is credit bureau actually? The notorious rather than famous organization among borrowers collects your data and especially information about borrowings. This is done by working with banks and other credit institutions that pass on your information and, conversely, access credit bureau’s information when necessary.
credit bureau consists of service providers and credit institutions that provide their contractual partners with information about the solvency of third parties. This includes companies, but above all private individuals. It is estimated that two thirds of all Germans have their data deposited with the credit agency and can be called up by their partners if necessary.
Information is obtained from the institution in particular for loan applications. If there is information here about current, unsettled loans or abnormalities in the repayment, this can have a serious impact on your loan application. A negative credit bureau entry often ensures that the dream of a loan – and thus of buying a new car – is bursting; no matter how important the loan is to you. Therefore, the so-called Swiss loan model is becoming increasingly popular in Germany. Switzerland refrains from disclosing customer information to intermediary organizations and using a dubious scale to determine creditworthiness. But this is not only the case in Switzerland. We also regularly arrange loans that do not require credit bureau information and without an entry – if a loan is obtained. So do not hesitate and apply for your personal loan.
How long will credit bureau entries last?
The duration of a credit bureau entry is quite different and depends on several factors. It is subject to deadlines that must be complied with and also apply to outstanding claims. However, if a court-ordered title insists on the request, the deletion of the entry can be stopped. In general, however, the following deletion deadlines apply:
- Three years after a loan has been repaid
- Three years after rejection or suspension of bankruptcy proceedings
- Four years for unfinished business related to non-contractual behavior
- For mail order accounts after repayment of the claim
Even with the smallest irregularities, the credit bureau entry can still have a major impact on your creditworthiness and thus on you personally, even after years. Avoid these problems with a credit bureau-free loan and submit your loan application now.
What data does credit bureau store?
A large number of personal and financial data are stored at credit bureau. What few people know: entries do not only appear when you can no longer service a loan or contract, but are created immediately when you open a checking account or a similar account. The following data is stored among other things:
- Personal data
- current accounts
- Accounts for mobile phone contracts
- mortgage payments
- insolvency proceedings
For these reasons, it is almost impossible to keep your information away from credit bureau. So if you are saved with negative scoring points, it is very likely that the bank will refuse your loan applications. However, the Swiss model we use protects you from data octopuses and information transfer.
We attach great importance to quick processing and are trusting of you. You also do not have to disclose the purpose of your loan to us. Regardless of whether you are planning a debt rescheduling, want to buy a new car or are planning a long-earned vacation: With a credit bureau-free loan, you can start long-awaited dreams or necessary investments – and the selected amount will be paid to you in cash or by bank transfer within a very short time. Choose flexible terms at guaranteed low interest rates.
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