Get Schufa self-assessment - some get nervous at the word SCHUFA. Because sometimes well-considered purchases such as car financing or building finance for the dream house fail due to negative entries. It doesn't have to be. You can request Schufa information free of charge once a year in order to be prepared and, if necessary, to have outdated or false negative entries deleted. Find out here how the credit check works.
What is the Schufa?
Schufa Holding AG is a credit rating agency in Germany. This means that Schufa saves personal data as well as positive and negative points that provide information on your payment behavior. Using so-called scoring procedures, it is determined whether the creditworthiness of a consumer is prone to risk or not. The lower the value, the higher your risk of default is estimated.
The entries are created through data collection when you make cashless transactions, for example opening an account. This data is reported to Schufa by your contractual partner. Negative entries arise in the event of late payments, bankruptcy proceedings and dunning notices.
The data is temporarily stored in the Schufa system. There are two different deadlines: Inquiries for cell phone contracts, current accounts or loans are deleted after the end of the next calendar year. More serious entries, such as a note in debtor registers and the repayment of loans, are deleted after three years.
Information about your creditworthiness will be sent to companies, provided you have given your prior consent. Banks or other persons such as potential landlords who are dependent on your liquidity.
Why get a Schufa self-assessment?
This can become problematic if negative entries prevent the conclusion of new tenancies, agreements on installment payments or online loans .
Even if negative entries are actually only made for unreliable payment methods, the following applies: the data is not always up-to-date. Many a negative entry could be listed longer than intended. It would be annoying if this unnecessarily hindered your purchases. Therefore, find out in good time how Schufa assesses your payment options so that you have the opportunity to report this. It is less common that incorrect data is stored. You can of course also have these deleted promptly.
Schufa information free of charge or extended offers?
Once a year you can get your Schufa self-assessment - completely free of charge. If further information is required, this is subject to a charge. This is important to know because many Internet service providers offer information for money - although the Schufa is legally obliged to provide information free of charge once a year. The free information is usually sufficient for landlords, but information is also noted here that is not intended for the landlord - such as the credit card number. Black out this additional information. Alternatively, you can request information for a fee that only contains information that is relevant to the potential landlord.
If you would like to obtain a Schufa self-assessment, it is important to know that Schufa also offers paid online access. With these you can access the data that is stored for you in real time. However, this is a subscription. You should therefore consider whether you really need permanently updated access to your data. Especially since banks and other companies request the data directly. Often the data is only needed privately to search for an apartment.
Obtain Schufa information free of charge
Obtaining a Schufa self-assessment is not very difficult, you can take the steps online and take a few minutes.
Get Schufa self-assessment - this is how it works:
- Go to the following Schufa website: https://www.meineschufa.de/.
- At the bottom of the page you will find the item "Data copy according to Art. 15 GDPR". This is the variant of receiving information free of charge. Click on "To the form".
- On the following overview page you will find further information about the offers of the Schufa. First, the chargeable offers are listed. Via the last point "Data copy according to Art. 15 DS-GVO" you get to the free offer. If you are interested in one of the other offers, select it via "More information and order".
- You will now see a table that explains what is included in the offer you have chosen and what costs you may have to face. Click on “Order now” in the column relevant to you.
- You will be forwarded to the order form. Personal information such as name, address and date of birth must be provided here. Make sure you have a copy of the front and back of your ID or passport ready as they should be uploaded here to speed up processing and avoid asking. If you opt for the passport, your registration certificate must also be submitted. The purpose of the documents is to identify you and to ensure that you actually receive the documents. Click on “Next” when you have completed the data.
- You will now see an overview of your data. Here you can check that everything is correct. By confirming this data, you send your order. After completion, a window will open confirming the receipt of your order.
You will receive the free information by post. You will also receive the credit report for the landlord by post. Holograms etc. on the paper ensure that it is an original document and cannot be forged, this strengthens trust in the landlord. In addition, there is the option for the landlord to apply for a credit check; this is not sent by post, but electronically transmitted as a PDF within minutes.
With the postal procedure, the sending of the documents takes about 2-4 weeks. The Schufa information is faster via a paid online access from the Schufa.
What does the Schufa score mean?
On the Schufa information you can see the score that you received from the Schufa. This is a statistical value that expresses the creditworthiness in percent. So it is an indication of how likely it is that you will pay off a new loan. But there are also loans without Schufa , which means that you can get a loan despite negative Schufa.
A value of 97.5 percent and higher means that there is very little risk that you will fail to make a payment. A satisfactory to increased risk was found in 90 to 95 percent. At 50 percent and below, the risk was rated as critical.
Get Schufa self-assessment: deal with your creditworthiness
In order to avoid nasty surprises, the credit check is very useful. Since the Schufa information is free if you request it once a year, you will not experience any disadvantages and the application is made within a few minutes. But when it comes down to it, you are on the safe side and have been able to clarify any negative entries in advance.
Did you know? You can also obtain information about companies so that you know in advance whether you can trust the provider. For example, if you are unsure which construction company to hire when building a house, this can be useful. The offer is chargeable.