Negative Schufa entries can have a major impact – and when in doubt, the consumer only notices it much later. The credit bureau now wants to change that. But there is also criticism.
The credit bureau Schufa wants to inform consumers of its own accord in the future 
if there is a negative entry in their data. In order to be able to use the free data query, which should be available by the end of the year, consumers would have to register with the Schufa app Bonify, Schufa CEO Tanja Birkholz told the weekly newspaper “Die Zeit”. She herself was “a victim of identity fraud several times,” reported Birkholz. “Once someone asked for a loan in my name on a comparison platform. I first suspected my sons.”
Ultimately, she found out about the loan request through a Schufa service, which currently still costs money. From 2024, customers should also be able to give the credit agency insights into their accounts via the app so that Schufa can better assess their creditworthiness. “If anything, it will be about income. Whether someone donates money to Greenpeace or is involved in a party is irrelevant for the credit rating,” says Birkholz. In addition, everyone must expressly agree to the account insight.
The association “citizens’ movement Finanzwende” had criticized the plans. “With an insight into account data, Schufa would become even more powerful than it already is,” said Gerhard Schick, board member of the association, recently. The Schufa rating is important for consumers. Banks, telecommunications services or energy suppliers ask private credit agencies such as Schufa about a person’s creditworthiness. The Schufa then provides an assessment, the score value.
According to its own statements, it has collected data on around 68 million people and forms the score on this basis. Schufa wants to provide details of the app next Tuesday (18/7/2023).
Source: [German language only] FAZ
