Transparency instead of “blackbox”: How does my Schufa rating come about?

The Schufa evaluation has an impact on the allocation of loans, the conclusion of mobile phone contracts or the financing of a car. On the basis of huge amounts of data, Schufa calculates how likely it is that a consumer fulfills payment obligations – in the form of so -called credit scores.

Critics describe the Schufa as a “black box” because the information agency has so far not opened in detail, such as its evaluation, the so -called score. The Schufa boss Tanja Birkholz, who has been in office since July 2020, wants to end the secrecy. A new Schufa score is to be introduced this year, which should be easier for consumers.

What is a credit score?

Credit scores are probability values ​​that are intended to predict the payment behavior of consumers. The higher the value, the higher the creditworthiness. Anyone who regularly pays invoices unpunctually and often receives reminders is badly assessed.

The best -known score in Germany is calculated by the Schufa Economic Occupry, based in Wiesbaden. But other information, such as creditre reform or croll, also create such probability values.

Companies, but also individuals such as landlords, can obtain information if they are justified. For example, a bank does not receive a specific list of the customer’s individual obligations, but its score.

What influence does a Schufa score have?

The calculations of the information agency are an important yardstick for companies. Banks, online retailers, mobile operators, car dealerships, energy suppliers – they all want to know how the payment behavior of their customers is before contracts are concluded and handed over. Companies use credit ratings to decide – often automated – whether and at what conditions they conclude contracts with consumers.

With which score do I get a loan?

Schufa argues that the score is only a component. She herself does not make any decisions about the allocation of loans or the conclusion of a cell phone contract. The information agency supports its contractual partners – which includes banks and savings banks, mail order companies and energy suppliers – with information. The decision for or against a business ultimately makes the respective company.

A bank queries the customer’s creditworthiness at a loan request at Schufa. The bank enriches this data with its own information: for example, data on income and expenses and assets of the customer. Ultimately, the allocation of a loan also depends on the risk of risk of the money house.

What data does the Schufa collect?

The business model of the “Protection Association for General Credit Protection” founded in 1927 is to collect data. The Schufa receives information from its contractual partners, for example, about the opening of checking accounts, the issue of credit cards, the conclusion of leasing contracts and loans.

Negative information that the Schufa captures comes from public registers such as debtor lists, for example. Schufa also stores personal data such as name, date of birth and address, but has no information about the income of a person.

How big is the Schufa data pool?

According to the latest information, Schufa has information about 68 million people in Germany. To more than 90 percent, “exclusively positive information is stored”. According to its own information, the information agency provides an average of 320,000 information to companies per day.

What is taken into account when calculating the creditworthiness?

Among other things: When was the current checking account opened, how many credit cards are used, how many ongoing installment loans have to be served? Schufa is also interested in ongoing real estate loans and whether someone is often shopping online on account.

Why does Schufa work on a new score?

The information agency explains: “Since people’s consumer behavior changes, the score formula must be regularly adjusted.” So the number of mini -loans has increased significantly. In addition, consumers use comparison portals more often and subsequently changed their house bank more often than ten years ago.

What does a new score bring me as a consumer?

The Schufa primarily promises transparency: for consumers, it should be understandable how the score comes about and what the evaluation influences positively or negatively. With a personal data cockpit, Schufa wants to enable consumers to simulate their personal score at any time with their data: What influence would it have on my credit rating if I use another installment loan? How does my score change when I cancel one or more credit cards?