For many, an entry at SCHUFA is synonymous with debt, insolvency or a low credit rating. However, that is not true. On the contrary. The SCHUFA data can even be helpful. We dispel the myths and explain how you can access the data that SCHUFA has stored about you.
Anyone who owns more than a billion pieces of information out of almost 68 million citizens and six million companies involuntarily arouses mistrust. But SCHUFA is not a data octopus that greedily devours all information about us.
It is a company whose shareholders come from the financial and trading sectors. It was founded in 1927. The abbreviation stands for “Protection Association for General Loan Protection”.
What is SCHUFA and what data does it collect?
SCHUFA has so-called creditworthiness information on people and companies. This can be negative information, for example on breaches of contract or attachments, but also positive information such as opening an account with a bank for private individuals, customer accounts with telecommunications providers or loan agreements.
However, the SCHUFA also stores due claims or the misuse of accounts and credit cards. In addition, she supplements her information from public databases, for example, if you have submitted an affidavit or filed for personal bankruptcy. Last but not least, SCHUFA also knows typical contact details such as name, date of birth or current and previous addresses.
The myths about SCHUFA
Many citizens believe that SCHUFA is an authority, like the tax office, from which positive news rarely comes. SCHUFA is a company that sells its data to private and business customers. This gives you information about the creditworthiness, i.e. the solvency of a customer. In this way, SCHUFA also prevents attempts at fraud and over-indebtedness.
What sounds very negative at first glance turns out to be helpful support for quick and unbureaucratic contract conclusions on closer inspection. According to information from SCHUFA, only positive information is available for over 90 percent of all stored persons. This makes it easier, for example, to purchase on account or to finance a new car if the dealer receives positive SCHUFA information about the customer.
Which data is not saved
On the other hand, SCHUFA does not collect any data on assets or income. She also has no information about her job, club memberships, marital status, religion or nationality. Neither is marketing data such as purchasing behavior or information from social networks stored.
How to apply for self-assessment
If you apply for a loan from a bank, they will obtain information from SCHUFA to check your creditworthiness. The focus is on the so-called score, which indicates the probability of a loan default. The smaller the score, the higher the risk of a loan default.
In order to find out which data SCHUFA has stored about you, you can request self-disclosure in accordance with Art. 15 GDPR. This information is free once a year. The application can be submitted online at www.meineschufa.de. You should handle the data carefully, as they contain sensitive personal information such as bank and credit card details.
Beware of scammers on the Internet who want to charge you a fee for free self-assessment. You should therefore apply for the self-assessment directly from SCHUFA. However, this is only possible online. SCHUFA will then send you the information by post.
Also interesting: Did you know what the tax office knows about you?
Fee-based SCHUFA offers
In addition, SCHUFA offers further information, which is subject to a charge. This includes an online account www.meineschufa.de, which costs EUR 9.95 once and is available monthly from EUR 3.95. For EUR 4.95 or EUR 6.95 per month, I get a protection package, ie SCHUFA examines the Internet and the Darknet and warns you should sensitive personal data emerge.
Above all, the account gives you access to your data that is updated daily, so to speak, digital self-disclosure, which can then also be requested indefinitely. Personal telephone advice is also available for questions. In addition, there is also a credit check for 29.95 euros. It only contains the data relevant to the conclusion of a specific contract, for example if a landlord wants to check your creditworthiness.
Thanks to SCHUFA, landlords can be sure of getting solvent tenants, while your chances of getting the apartment you want increase – provided the entry is positive. Since the SCHUFA is not free of errors either, you should regularly apply for the annual free self-assessment.