The Credit Bureau Score indicates a statistical probability of default. The value is controversial because it does not necessarily include credit-related data in its calculation. A multiple move deteriorates the score without the Credit Bureau being aware of the reasons for changing apartments.
Furthermore, independent values such as the average loan default rate of his residential district are included in the calculation of the score value. Consumers can partially influence their Credit Bureau score. So separate cell phone numbers are useful for the employer and for private contacts; however, since more than one mobile phone contract leads to a deterioration in the score, one of the two mobile phones with a prepaid card should be used. The extent to which the score affects lending depends on the bank. Most banks only use it as additional information.
Lending with Credit Bureau without considering the score
Any negative entries are more important than doubtful score values for lending. An unfavorable score without a negative entry usually does not result in the loan application being rejected, but in the case of loans with interest rates dependent on creditworthiness, it does certainly make the loan more expensive. A small number of banks openly state that they would grant the loan without taking the Credit Bureau Score into account, since they consider the calculation basis to be inadequate or not sufficiently meaningful.
In most cases, the borrower receives no clear information as to the extent to which a financial institution takes Credit Bureau’s score into account when granting credit. However, it can be observed that banks are most likely to grant a loan without taking the Credit Bureau Score into account if they can use as much additional information as possible, such as proof of salary and the impression of a personal credit interview. Those who do not have their own negative entries at Credit Bureau, but have a weak score, are better off applying for a loan personally from a branch bank and not as an instant loan without proof of income on the Internet.
Apply for a loan without Credit Bureau
The bank will most certainly process a loan without taking the Credit Bureau Score into account if it grants the loan free of Credit Bureau. Loans without Credit Bureau are granted by Swiss banking institutions and paid into the borrower’s account in euros. Since the Swiss banks are not Credit Bureau members, they do not experience the score value or any other data deposited with the credit protection. However, a prerequisite for applying for a loan from a Swiss bank without Credit Bureau is a fixed income.
Most Swiss financial institutions require a higher minimum income than German credit institutions as a partial replacement for Credit Bureau information. The pawnbroker offers another way of getting the loan not only without a Credit Bureau Score but also without Credit Bureau information. In the pawnshop, the pledge to be deposited serves as exclusive loan security, so that the Credit Bureau’s score is just as unimportant as household income.