For many consumers, Schufa decides whether they can buy products from smartphones to new cars, whether they can be considered as new tenants when looking for an apartment and much more. For a long time, the Schufa score was a closed book. In the meantime, the credit agency is opening up more and more – albeit under pressure from outside.
Schufa reveals: 17 characteristics determine your creditworthiness
The Schufa-Score or rather its exact calculation is that Schufa’s most important trade secret. No wonder there is little interest in sharing it with the public. But the great power of Schufa is now increasingly standing in the way of the credit reporting agency. Consumer advocates are sounding the alarm and investigations are underway at EU level.
That’s why the credit agency has been running one for some time Disclosure offensive and gradually reveals more and more information, which factors affect the Schufa score. These features of the Schufa score are apparently 17 in total we already know:
- Age of oldest checking account
- Number of current credit cards
- Number of current loans
- Age of current address or last change of residence
- Number of online purchases on account
- Payment defaults in the past three years
- Real estate loan or not
- currently open balances or insolvency proceedings
- Age of oldest installment loan
- Amount of the monthly installment loan burden
- Number of debt collection requests
- Number of negative reports resolved
- Number of credit card inquiries in the last year
Schufa has now officially announced that these 13 characteristics play a role in its scoring process. But you keep four more to yourself (for now). (Those: Swabian). However, even with the 13 known characteristics, a lot is still unclear, such as which factors have an impact and how which are weighted more heavily in the calculation.
Anyone who has not done well with Schufa because of debts can use a few simple tricks to keep their money together in everyday life:
It should be clear that the very frequent use of credit cards could have a negative impact. Likewise, it is unlikely to be a good thing if consumers often change their registration address. If you don’t have a credit card at all, this can also be a potential warning signal for Schufa.
Score simulator shows how you stand with Schufa
In order to give consumers more orientation, Schufa has also been offering a score simulator for some time. With some general information you can get an impression of how Schufa assesses your creditworthiness. The Bonify app also offers: Prove good creditworthiness by looking at account transactions to be able to. However, consumer advocates view this critically.
2023-09-17 07:52:10
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