Every consumer can ask for free information on all data stored at credit bureau once a year. Whether you are planning to buy a house, looking for a flat or renting it – at some point you will inevitably come across the subject of credit bureau. The company provides information on the creditworthiness of individuals and companies, making it an important authority in all types of transactions. credit bureau stores and transmits the data to its contractual partners in the European internal market in order to provide them with information for assessing the creditworthiness of natural persons. The main contractors of credit bureau are banks, credit card and leasing companies.
The credit bureau exam: Free vs. Chargeable self-indication
If you want to retrieve your credit bureau data, you can quickly find the appropriate applications on the Internet. But: As a rule, the credit bureau leads the interested party first to the paid version. For the price of 29.95 USD there is a) a credit report “containing only the information important for building trust between you and your partner”. “In addition, the applicant b) with all personal information provides information on its own purpose.
However, the legislature offers a free version, which is not so noticeable in the credit bureau website. How are credit bureau information? The credit bureau is the protection association for general collateral. When applying for a loan, opening a current account or concluding a mobile phone contract, the credit bureau clause is presented in the forms.
By agreeing to the credit bureau clause, you consent to the respective institution passing on your information to credit bureau. At the same time the company credit bureau gets information about you. While you have the right to disagree with this credit bureau clause and remove it from the contract, as many companies will depend on the good credit bureau information for a loan commitment or contract, this does involve the risk of For example, you will not receive a coupon or mobile phone, or you will be exempt from some account benefits in the opening request.
The stored consumption data are neither collected nor researched by credit bureau itself. What are the details? In addition to the personal information, such. For example, names and dates of birth, information provided by the parties, such as account opening, credit card issuance, credit agreement, amount and duration, will be recorded. The credit bureau file also stores so-called negative features, such as payment default and enforcement actions.
Eligible companies only receive the contractually relevant data, such as the account opening, whether you are a credit card holder or whether a real estate loan has already been completed, as well as information on non-contractual action (A-Information). At credit bureau, not only companies but also consumers can get information. You can ask credit bureau in writing or via the web.
Sometimes consumers also end up on a page with which credit bureau presents different subscription models. 3.95 to 6.95 USD per calendar month plus a one-time activation fee of 9.95 USD. At the end more in our conclusion. Although the credit information of the credit bureau can be ordered on the Internet (1), the data overviews according to 34 BBDSG can only be requested by post (2).
The credit bureau request can be found on the sheet in return! The credit bureau also requires a copy of ID. When do you receive information from credit bureau? According to the credit bureau, the processing time is about 14 days on average – this applies to the free and the paid model.
However, the credit bureau does not collect accurate input or output data. According to 34 of the Federal Data Protection Act (BDSG) everyone has the right to be informed by a specific, authorized or unauthorized personnel, if this personal information is stored or processed. Right of access: The right to information extends to the personal information stored, including its origin, to the recipient (s) to whom the information is forwarded, and to the purposes for which it is stored.
They are to be issued free of charge (see 34 Abs. 8 BDSG), if they are requested only once a year in written form. We have sent both versions for comparison, to check what the candidate gets and how much the investments of 29.95 USD are really worthwhile. The two versions reached us within the deadline of approx. 14 days specified by credit bureau.
The following is a (shortened) presentation of the main components of the two credit bureau letters. Test I: Paid credit reports – what information is available? First, the personal information is the same in both cases. These include the credit bureau customer number, the current address and the current and previous numbers. The fee-based model also contains the individual information about the respective target person.
We reduce this claim to a single (!) Record.
The second part of the commissioned credit bureau credit report contains the complete information about the applicant. With us various Kontokorrentkonten and a company account with Unteraccounts. In our test case credit bureau lists a customer credit card of a fashion company and an application for identity control in an online portal under “Trade and Mail Order”.
Of all the information, the letter contains the essential element: the credit bureau base note. In the example on January 1, 2015 it will be 97,08%. The maximum credit bureau score is 100%. The calculation of the result is the (!) Business secret of credit bureau. In 2014, BHH rejected a request for information on the scoring procedure used (4).
A foundress who was initially negatively informed about a leasing transaction had – as it turned out – inadvertently filed a lawsuit. This was rejected by the Federal Court of Justice on the ground that the information was sufficient. Compared to the paid version, the purely technical overview according to the 34 Federal Data Protection Act (BDSG) goes a little further into the database.
In our test example no entries are found for the past year. There are different scores for the query date, eg the credit bureau score for credit institutions, variant 2.0 or for telecommunications providers, variant 2.0 the score version number of the scores, after which the revised methodology was calculated. According to credit bureau, the different scores are necessary because, for example, the repayment probability of a mortgage loan is not comparable to that of the mail order business.
Better than the credit bureau credit check? In short: The credit bureau basic evaluation is converted every three months. ContentData overview according to 34 BDSG: credit bureau Credit Report: Conclusion: Is the large credit bureau query useful? If you want to see your details at the credit bureau, you should apply for the free version. In our attempt we received only the expected contributions.
The overview should be quite concise for an average applicant, ie it is rather inconspicuous. Regrettably, it is not possible to calculate the score so accurately that the consumer is left alone to interpret. The credit bureau credit report for USD 29.95 is, in our view, only meaningful if it acts as a basis of trust for future business deals or is required by a landlord, for example.
Our test would have saved us a lot of time. This saves the applicant USD 9.95 deployment fee. Hook: After expiry of the minimum contract term, the lease is automatically extended and the tenant has a subscription with an annual term of 3.95 USD per calendar month closed. In our opinion, these are only of interest to those who regularly obtain their credit bureau data.
The credit bureau will notify you in the subscription directly with a request. The credit bureau is the abbreviation of “protection community for general credit protection”. credit bureau is a business information agency that collects and exchanges primarily for its lending business partners. According to credit bureau, the stock currently consists of approx. 813 million data records.
The credit bureau was founded in 1927 and today employs 800 people (as of 2018).