Compare credit despite Credit Bureau entry
If you are looking for a loan without Credit Bureau, there are a few things you should consider. It is not only about your personal payment and creditworthiness but also about the seriousness of the lender. Basically, it is recommended that you compare the loan offers despite Credit Bureau and pay close attention to the payment and repayment modalities.
In summary, it is good to know how much credit you can afford. You should also be aware that, because of your Credit Bureau entry, you will not receive a loan from every bank at low interest rates. In the following we would like to go into more detail on the topics of credit and Credit Bureau information and inform you about all important questions and answers.
It does not matter whether you are self-employed, unemployed or unemployed or a pensioner. It is only important that you provide appropriate collateral in order to contain a credit default as much as possible.
Who is the Credit Bureau information?
The abbreviation Credit Bureau stands for the protection association for general credit protection and is a synonym for the Credit Bureau Holding AG of the same name, based in Wiesbaden. As a private German business information service, the company stores a large amount of information on current loans and the repayment behavior of private individuals.
- Protection association for general loan protection
- Assessment of the creditworthiness of private individuals
In brief, Credit Bureau has the task of evaluating the creditworthiness or creditworthiness of private individuals and thus determining the probability of default of loans without Credit Bureau.
Who can obtain Credit Bureau information?
Depending on the subject of the contract, interested parties can differ greatly from one another. Would you like to B. rent an apartment, the landlord has the right to obtain Credit Bureau information. The landlord wants to ensure that you have always paid your monthly rent on time in the past and that you have no rent debts to former landlords.
On the other hand, if you want to buy a house or apartment, a home loan or construction finance will help you to fulfill your dreams. Since you usually receive the real estate loan from the bank, the bank has a natural interest in knowing whether you have so far met your previous payment obligations in full and on time. A query at Credit Bureau offers more information on this.
- Rent / lease of real estate: new landlords, lessors
- Buying property: lending banks, credit institutions
What data does Credit Bureau check on me?
You always have the right to know what data Credit Bureau Holding AG has saved about you. The entries usually take personal data into account, regardless of what you bought where last. The most important factor is your personal payment behavior and the amount of current and outstanding credit claims against third parties.
- personal data (name, address, date and place of birth)
- Information about current loans (car loans, home loans etc.)
- outstanding claims and invoices that have been confirmed by a judicial order for payment.
However, your monthly disposable income is not taken into account in the Credit Bureau information. However, your income is interesting for future lenders because it serves purely as collateral for credit. Therefore, your lender will personally ask you to provide current proof of income.
What does the score mean?
Your payment history can be assessed using a score procedure. That means you get points if you meet the respective requirements and evaluation criteria. Generally speaking, the higher your scoring score, the more likely you are to get a loan application. If, on the other hand, your scoring value is negative, there is a high probability that the bank will reject your loan with a negative Credit Bureau.
How does the loan work without a Credit Bureau comparison?
There are no peculiarities in the cheap loan comparison. You just enter your desired loan amount, the term and, for information for banks, your intended use:
- Choose a loan amount between 500 and 100,000 USD
- Choose a term from 12 to 84 months
- Optionally enter the intended purpose (such as Auto)
As soon as you have entered your desired loan amount with the associated repayment conditions, please click on the yellow button “Recalculate”. Now you get a view with all available offers. You will find the offer with the cheapest monthly repayment rate and the correspondingly cheapest effective interest rate at the top. Loan interest rates between one and two percent per year are particularly favorable.
With a click on “continue” you now come to the computer route. Enter your name, telephone number, email address, employer and income here and request a free offer. Note: There is still no completion and therefore no immediate payment.
What does Credit Bureau-neutral query mean?
Credit Bureau neutral means that your personal solvency is irrelevant in the credit comparison. Since the providers do not yet know who you are, the first step is not to evaluate your payment history. You receive the offers in fact regardless of whether you are self-employed, an employee, a student or a pensioner. Your creditworthiness will only be checked after the application has been submitted. You automatically give your consent to the exam when you apply, as it is a prerequisite for lending, just like your personal signature.
Where can I get a loan without Credit Bureau?
The question cannot be answered across the board, but is solely at the personal discretion of the credit institution. They alone and independently decide whether or not to give you a loan despite a negative Credit Bureau entry. In any case, it is advantageous if you can provide a personal contribution of at least 20% when buying a car or property.
This automatically serves as collateral for banks. In addition, the question of “where” depends on how high your desired loan amount is and what term you have agreed. Finally, the banks check whether you can safely use the monthly repayment rates based on your income.
How do I recognize a serious loan offer?
You can often recognize a serious offer by the name of the lender. You should check the popularity of the provider and if necessary search for tests, experiences and customer reviews on the Internet. Other factors include the following:
- Do I have a loan offer with no upfront costs? – Conditions with preliminary costs are anything but serious
- Was the loan brokered at the front door or on the phone? – Serious providers do not come to you independently, you come to them.
- Who is behind the provider? Does the bank have an address in Germany?
- When can the expected loan payment be made?
- Are you promised a loan in advance without the lender knowing your income and your Credit Bureau entry?
How do payouts and refunds work?
An immediate payment in the sense of an instant loan is only possible if you can submit the necessary documents such as proof of income, employment contract, current account statements and credit contract immediately. Experience has shown that two weeks can pass before the final approval. The smaller the loan amount you choose, the faster it can be processed. With a personal Credit Bureau login, the banks can immediately find out whether you have negative entries or not.
The repayment will be made on the basis of the specified term, which may also result in a final installment. You are bound to fixed interest rates for the duration of the fixed interest period. This also applies if interest rates fall in the following year. The fixed interest period usually lasts 5 to 15 years. The fixed interest rate can also be agreed for a longer period.
Are there higher interest rates on a loan without Credit Bureau?
It is not uncommon for banks to want to hedge themselves with higher interest rates. Higher interest rates come e.g. B. in the case of construction finance, especially when you are no longer able to service your monthly installment. In this way, the banks want to secure part of the investment property. Therefore, it is always an advantage if you have a specific purpose, such as B. can specify a car purchase.
When are the entries deleted?
If you do not meet your payment obligations in full or on time, the entries remain for years. If necessary, an arrest warrant can even be enforced against you. If you are in a private bankruptcy procedure, this entry also remains for at least seven years. Entries are normally only deleted when you have paid the required payments. But even then, the deletion can take up to a year.
- Deletion only when the claims are paid
- Entry to personal bankruptcy for at least 7 years
What are the disadvantages of a loan despite a negative Credit Bureau?
The credit agreement requires you to pay the loan amount on time at the monthly repayment installments. The procedure is clearly regulated and in no case surprising. However, since you may already have an entry with Credit Bureau, we can assume that there was a time when you did not meet your obligations.
Therefore, paying off a loan requires a lot of discipline. Applications for personal bankruptcy are not uncommon. This means that you have to disclose your personal solvency and cannot plan any major investments and certainly no loans for the next seven years.
Alternative credit options for loan rejection
A loan abroad, such as B. in Switzerland, cannot be a suitable alternative. If necessary, apply for a new loan from another bank. If this bank also rejects you, you have only two options. You either postpone your new purchase or you borrow money from friends, relatives or acquaintances.
We recommend that you save until you can contribute at least 20% of your new purchase. It is more important, however, that you settle all claims that are in your Credit Bureau account. Please get a self-disclosure.