Credit bureau, the protection association for general credit protection, stores data about citizens who are connected with loans and their financial transactions. When a current account is opened, data is collected about a consumer at Credit bureau. This protection association is not authorized to collect data itself, but only acts as a data collection point, relying on the information provided by the contracting parties, such as banks, telephone companies, mail order companies or other companies .
This self-disclosure makes it possible to have incorrect information corrected. If you want to see your Credit bureau, you can do this personally. Oral information is available free of charge at the offices of the Protection Association for General Credit Protection. Anyone who decides to provide written information on their own must apply for this, stating all personal details and the date of birth.
View Credit bureau online
There is also the possibility to view his Credit bureau online. First, the consumer has to register and can then receive information about his creditworthiness at any time for a one-time price of 18.50 USD. Until spring 2010, citizens had to pay an obolus for a written personal report, but this has been free of charge since April 1 of last year.
Experience has shown that the database at Credit bureau can also be faulty. The consumer must take care of the topicality of the data stored there. If there are errors in the information provided, the data protection law can be applied for blocking and deletion. The relevant data will then be blocked until the matter has been clarified.
Why Credit bureau self-disclosure is so important
Self-disclosure also gives consumers the opportunity to learn more about their scoring value. This value is considered controversial, because not only the individual and personal data are used to determine, but also the information provided by consumers with similar data. This value is used to forecast creditworthiness on a purely statistical basis.
However, a consumer who applies for a loan can also be rejected at his bank based on the scoring value. As a rule, the Credit bureau determines a separate score for each industry, whereby these values must be queried individually when providing personal information, which is associated with additional costs.