Schufa: Free data copy for all consumers

The credit reporting agency SCHUFA is obliged to provide every consumer with a free copy of their personal data at least once a year. They obtain this stored data from banks, insurance companies, retailers and public registers. According to its own information, Schufa has no information about marital status, religion, nationality, salary and assets. Not included in the data copy: The Schufa credit score, which is intended to provide information about creditworthiness.

Schufa: Free credit report

A Schufa credit report costs 29.95 euros. The certificate is a recognized proof of creditworthiness that is often required by landlords or employers. It provides daily proof of solvency. However, the calculated credit score is only a statement of the probability of possible payment defaults.

Calculating the Schufa score: Data protection advocates criticize the lack of transparency

In general, the following applies to Schufa credit reports: the higher the score, the greater the likelihood that payment obligations will be met. In some cases, consumers are placed in comparison groups, which can drastically worsen the Schufa score. How one ends up in certain comparison groups is unclear. Upon request, Schufa explains that parameters such as payment problems, credit activities in the past year, credit usage, credit history and general data are analyzed. Even those who move often risk a worse Schufa score.

Consumers are powerless when it comes to Schufa

Consumer advocates criticize the fact that Schufa has not yet disclosed its calculations. So far, it cannot be ruled out that completely irrelevant data is used for the rating. The Advocate General at the European Court of Justice (ECJ) is also critical of Schufa's lack of transparency. The calculation method and the reasons for the rating must be clearly explained to those affected. A ruling from the European Court of Justice will follow in the summer.

Source:

Market check SWR , author: Julian Gräfe, image source: picture alliance/dpa | Jens Kalaene
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This video is an excerpt from the Marktcheck SWR program from June 6, 2023.


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