In order to better guarantee consumers’ privacy, new credit rating guidelines have been in place since the beginning of April 2010. Credit bureaus such as the Credit bureau, are required if you want to apply for a loan, have a business partner who wants to hedge with an information or if you change the landlord. The credit rating of a person depends on his score.
Credit information compared
The score and insight into your own credit rating
Unpaid invoices, late payments on loans, but even multiple loan requests from different banks to compare offers may negatively impact a person’s score.
The exchange of credit information is behind the back of the consumer and is hard to understand for him. Self-information to get an idea of how credit agencies assess their own credit rating, and especially who queries them for what purpose, were so far possible, but cost.
Credit bureaus are recommend to formulate the request for information very precisely. In the meantime sample forms are available for this. In general, however, it is already enshrined in law that the above information must of course be given in such a way that the consumer understands it.
In addition, a corresponding information about the past 12 months can be required. Any further information within a year, however, will continue to cost fees, which in most cases are based on the old prices.
Special Credit bureau information in business dealings
There is a difference, however, with credit reports for customers, if their business partner or landlord wants to hedge. The information is specially printed on counterfeit-proof paper and costs at the Credit bureau 18.50 USD. They contain only positive information. Information about the current account or the existence of a credit card is not part of the content.
The rules for the scoring process itself have at least become a bit fairer. In the past, it was still possible for mail order companies to disadvantage a customer simply because of their poor residential location. Scoring procedures based solely on the address are no longer allowed under the new law.
If companies or mail order companies themselves want to make messages to customers, then only limited. If the customer still has outstanding invoices, the notification is only admissible if the customer has been reminded in writing at least twice, he does not contest the claim, at least four weeks have elapsed after the first reminder and the debtor has been informed of the forthcoming notification. On the other hand, anyone who receives claims that he considers unlawful should immediately file an objection.