Wednesday, 23 September, 2020

Credit bureau personal information provides information about its own creditworthiness


Every citizen has the right to call up all the data that are stored about them in the protection association for general credit protection. This is made possible with a Credit bureau self-assessment. If you want to be on the safe side, you should call up the data stored there once a year. If you have the opportunity, you can get this information personally at a branch that is free of charge. A Credit bureau personal information can also be requested in writing with details of personal data. Those who register online with Credit bureau can view their data at any time, for a one-time fee of USD 18.50. The Credit bureau personal information in writing has been free of charge since April 1, 2010.

Request Credit bureau personal information and check data

Request Credit bureau personal information and check data

If this data is available to the consumer, the information can also be checked effortlessly, because the protection community for general credit protection keeps making serious mistakes. The consumer has to take care of the correction himself and make a corresponding application and due to a paragraph in the Federal Data Protection Act, it is possible to have incorrect information deleted or corrected. Those who fail to do so run the risk that incorrect information on creditworthiness can lead to them being classified as a so-called risk customer.

This is how you deal with incorrect entries at Credit bureau

This is how you deal with incorrect entries at Credit bureau

It is also appropriate to have the correction of the data corrected by the respective contractual partner of Credit bureau. If, for example, a credit institution has made a false entry, it is also obliged towards the protection association to initiate a revocation. In difficult cases, a bank can also be held liable for the negative consequences of a wrong entry. If the consumer discovers incorrect data in the self-disclosure and Credit bureau refuses to correct it, the consumer must defend himself. For example, if you want to invest in home ownership and have a negative Credit bureau entry, you will either be rejected as a borrower or have to expect worse conditions. Often, this kind of argument ends up in front of the judges’ table, so that the future borrower escapes financial damage.

Everyone can find out from the self-disclosure whether all entries have been deleted on time. For repaid loans, it applies that they are saved until the end of the third calendar year after full repayment. A guarantee is canceled immediately after the principal has been paid.

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