As a rule, the credit bureau is informed when checking the creditworthiness and the loan payment. There is almost no German lender that does not contact credit bureau when lending transactions are concluded. Thus, every loan that is paid out to a customer is noted at the credit bureau.
This system ensures that other lenders receive information about whether the loan applicant is financing, how much the existing debt is, and whether it pays its installments on time. The system, which certainly has advantages for the lenders, can be detrimental to the borrower. Negative credit bureau entries or multiple financings ensure that the bank rejects another loan application.
Foreign banks refrain from reviewing the credit bureau
One possibility is the credit despite credit bureau. This financing is not noted in the credit bureau. That’s because the loan is granted by a foreign bank. On the one hand, banks based in Switzerland or Liechtenstein refrain from providing information to credit bureau and, on the other hand, do not inform the credit bureau when they grant a loan.
Private customers who have had problems with their payment obligations in the past will generally not get credit from a German bank. If there is a negative credit bureau entry, the German banks reject the loan application. In many cases, only the credit bureaufreie credit. Banks that refuse to provide information on credit bureau focus on other criteria that ultimately determine whether the loan application can be approved or not.
The principle of the credit bureaufreien credit
If the bank offers credit bureau-free financing, it will refrain from providing information on credit bureau. However, the loan applicant must have a regular income and work indefinitely. credit bureau-free loans are therefore not given to low earners or jobseekers.
The credit bureaufreie credit (Swiss credit) is provided exclusively by foreign banks. The lending is still clear and straightforward. The application is free and not binding – if you accept our offer, then you have to pay no pre-payment! If we have received your request, we will send you an offer. The documents will be sent by post. If you have received all documents, you can check them later. You are satisfied with the conditions? Return the documents so that a review by the bank can take place afterwards; After 24 hours, you will know if the application has been approved or not.
The further process
The requested loan amount will be transferred to the specified current account; You can also have a postal bar payment made. The loan amount and the interest amount are the same for all credit applicants. Thus, the credit bureaufreie credit with a volume of 3,500 euros or 5,000 euros offered – the repayment is made in 40 monthly installments. The costs as well as the monthly installments are clearly disaggregated, so you get an immediate overview of how high the actual costs are.