Credit rejected because of credit bureau: You can do that
Not infrequently a loan request is rejected. credit bureau information with negative content is an important reason for refusal. Affected creditors then ask themselves whether it is still possible to obtain credit.
The collection of the credit bureau information is standard in credit decisions. Virtually all banks and savings banks in Germany are credit bureau partners. Germany’s largest credit bureau has stored well over 800 million data on almost every adult German citizen. Negative credit bureau characteristics almost always lead to credit rejection.
Was the credit bureau information correct?
If a loan request is rejected because of the credit bureau, it should first be checked whether the credit bureau information is actually correct. Given the amount of data, it’s quite common for data to be outdated or corrupted. Sometimes data is misclassified because of name confusion. In principle, consumers are entitled to error correction – even before the usual data deletion deadlines have been reached.
This can be determined by obtaining a credit bureau self-disclosure. It can even be requested once a year free of charge. With a “clean” credit bureau, the credit outlook is usually much better. Otherwise, the only option is to wait until the negative credit bureau features are automatically deleted. This can take longer depending on the entry. Many negative features have three-year periods. For consumer insolvency proceedings, it takes six full calendar years.
Loans without or in spite of negative credit bureau
Many credit seekers are waiting too long. Often a financing is needed urgently. A solution promise credit brokers, the “credit without credit bureau” or “credit despite negative credit bureau” in prospect. These offers are not always, but often dubious offers. They should therefore be examined particularly critically.
For reputable intermediaries are mostly foreign lenders behind it, who are not credit bureau partners. Often people talk about “Swiss credits”. Sometimes lenders are also willing to lend if there are negative credit bureau entries that are not that serious. Even with such loans, however, does not waive a credit check. It is often even stricter because the credit bureau security is missing. The loans are limited in amount or duration and usually more expensive than the conventional way.
Beware of dubious offers
Dubious deals often do not even pursue the intention of lending. This is about earning the loan request or unfavorable and overpriced paddock products that are being closed for the loan. Therefore, be careful if there are already fees to pay for the request or additional products before a loan is paid. If a loan request is rejected, credit bureau cleanup and wait is certainly the better way.