There is hardly any institution that causes so much discomfort in people’s finances as the SCHUFA . In particular, when it is known that any entries in the same SCHUFA decide on the possibility of participation in daily life. After all, there is hardly a company that does not use the SCHUFA to obtain a picture of the creditworthiness of a potential customer in any type of lending business – be it the bank, the energy provider, or insurers or telecommunications companies. Quite a few people often compare the behavior of the SCHUFA or the institution as such with the Roman Inquisition. Whether this comparison is so appropriate, is simply an open question. But what is still a truth is that there are relatively many and very persistent myths about the SCHUFA and their influence on any form of credit. Time to deal with the most important myths about SCHUFA and your influence on the subject of credit and to clear up errors associated with SCHUFA.
Myth # 1: The Schufa is a state institution
It is a unanimous opinion: Where controlled, the state is behind it. Exactly this way of thinking also applies to the SCHUFA, because many people consider the protection association for general credit security – in short: SCHUFA – actually for a state authority or a state control body for the finance. Far from it, because SCHUFA is not exactly that! SCHUFA is the exact opposite of an authority such as the BaFin (Federal Financial Supervisory Authority). In truth, the SCHUFA is a >>
- a purely private enterprise, majority owned by banks.
- a controlling body which obtains information about potential clients on behalf of banks, while BaFin controls and supervises the banks itself.
Myth # 2: There is no credit without SCHUFA!
It is one of the most persistent myths in the market for loans: Who has a negative note in the SCHUFA generally gets no credit! The reason behind this is found in the usual behavior of banks that, if this denies a loan, often an entry in the SCHUFA is called as a reason for refusal. As a result, the unanimous opinion is that a loan “beyond Schufa” is impossible. Wrong, because now many independent credit intermediaries work together with banks that are prepared to grant a loan even with a burdened SCHUFA.
Myth # 3: Credit without Schufa means step into the debt trap
Admittedly – this myth is the biggest nonsense at all, because the danger of a step into the debt trap is certainly not in the acceptance of a loan without SCHUFA, but simply in the fact that permanently led a life “on the pump” becomes. Anyone who indulges in uncontrolled consumption and thus leads a life that he can not afford, usually taps into the debt trap and not only with the possible inclusion of a loan without SCHUFA. Statistics show that both the credit line and too many zero-percent financing in combination with drastic life events (job loss, divorce, etc.) are the first steps towards a debt trap.