Credit bureaus are always being criticised. The allegations: unfair ratings, intransparent scoring systems, wrong data and the end customer did not know what was happening. But what do consumers really think?
The current survey “Credit Checks & Self-Assessment” by Creditreform Boniversum GmbH confirms that the vast majority of consumers surveyed are open to credit checks. 93 percent of those surveyed are aware of their creditworthiness and most of them consider the procedures to be rather positive. A majority of respondents also confirms the accuracy of the data collected in self-assessment and two-thirds are willing to voluntarily submit data to the credit bureau, if they could thereby positively affect their credit rating.
The representative survey of Creditreform Boniversum GmbH was attended by 1,004 people aged between 18 and 69 years. The online survey 2019 underlines: Almost every respondent knows that companies check the solvency and creditworthiness of their customers, using data from credit bureaus. 69 percent of respondents have already noticed or become aware of their credit rating at least once.
Auditing is OK for most consumers: The majority of consumers surveyed rated their credit checks as positive. Especially if the check is made as part of a credit or funding request to a local bank (88 percent). The same is true of a loan or funding request on the internet (87 percent see this in positive territory). Consumers are also more open-minded when it comes to testing by electricity or mobile service providers. Respondents are somewhat less sympathetic to credit check on insurance (60 percent “positive rating”) and online shopping (59 percent “positive rating”).
Most consumers still had no credit checks: 62 percent of survey respondents have never faced auditing problems with their credit ratings. After all, a problem cropped up, most often with a loan or financing request from a local bank (35 percent) or the internet (34 percent) or shopping at the online store (33 percent). In such cases, z. For example, a loan request is denied or the company refuses to make a purchase on account.
Well informed about free self-assessment: 85 percent of respondents know that they can order from each credit agency a free self-assessment to verify their stored data and their credit score. 81 percent know that false (personal) data can have a negative impact on creditworthiness. Only 26 percent are aware that there are other credit bureaus in addition to the Schufa.
Self-information is under-requested: Although consumers know that they can use a self-report to check their personal data and have it corrected if necessary, self-reports are still not sufficiently obtained. Only 31 percent of respondents have ever ordered a self-assessment. The ignorance of consumers about other credit bureaus except the Schufa is reflected in the answers to the question of which providers an information was obtained. The Schufa was requested by 96 percent of the “self-auditors”. Second place went to Creditreform Boniversum GmbH with around six percent of the entries.
Few consumers complain about false records: 80 percent of consumers who have previously obtained self-report from a credit bureau attest to the correctness of the data used by the credit bureau. 12 percent said their self-report contained incorrect entries, five percent found outdated or incorrect address information, and three percent incorrect or outdated personal information.
Consumers are willing to submit their own data: If the German is generally considered to be a little liberal in the disclosure of his personal data, shows in terms of maintaining his record with credit bureaus a different picture. Ralf Zirbes explains: “The consumer attaches great importance to data protection, but also sees its advantage. Our survey shows that around 63 percent are willing to voluntarily provide information to credit bureaus as long as their credit score benefits and increases. Nevertheless, the willingness to obtain self-disclosure could be even greater and more natural. We want even more consumers who are interested in their own data and want to keep an eye on it in general.”
Source: Boniversum Press Release