What is the minimum credit score
The Schufa Score
The Schufa score is one of the basic credit information that auxmoney uses for its own scoring. The Schufa score is a value determined by Schufa Holding AG (hereinafter: Schufa) that is used to assess the creditworthiness of a loan seeker. The basis for the determination of the Schufa score value by the Schufa is basically the data that the Schufa has on the payment behavior of the loan seeker towards his creditors from the past. According to the Schufa, the Schufa score provides information about how high the risk is that a borrower will not repay his loan and should therefore offer protection against insolvent customers. The lower the Schufa score value of a borrower, the higher the probability of default of his loan repayment according to the Schufa and the less likely it is that he will be granted a bank loan, for example.
How exactly the Schufa score is determined from the available data is not entirely known. However, it is known which data is stored by Schufa for scoring. In addition to contact details, from which the relocation behavior is determined, it is primarily about credit transactions, for example the number of credit cards and loans, mobile phone contracts, checking accounts or customer accounts in mail order business. If these credit transactions were not serviced by the customer in accordance with the contract, this will also be registered. Information from the affidavit or an application for private insolvency proceedings are also saved. The Schufa also has information about various inquiries made by the borrower, which are included in the scoring.
Due to the large amount of information that is stored by the Schufa, many people find it difficult to understand their own Schufa score or to recognize why the score is low. Due to the existing dependencies and correlations between the collected data, it is usually not possible to identify a single reason for a low Schufa score. Reasons for this can also date back some time. This is, for example, a loan or a mobile phone contract canceled by the provider due to the customer's insolvency. Frequent changes of home and bank as well as taking out many parallel loans should be avoided if the Schufa score is to remain stable. In principle, however, all data stored by the Schufa can influence the score.
- Can people live in 4018
- Was there serfdom outside of Europe?
- What are five WWE dream matches
- The 1938 hurricane was a Category 5
- What was your first experience with swimming races
- Is Goku stronger than the highest quay
- What cancer means has no answer
- What is HCl + H20
- What causes a lot of clear mucus
- Are cowboys really tough
- Why am I paranoid about narcissists?
- Why did Babak Nivi leave AngelList
- Why cook when you can eat outside
- Can a thief unlock iOS
- How can I practice painting
- What is meant by natural justice?
- What is your favorite essential oil diffuser
- Why are alcoholics meaner when they're depressed
- How do we provide general health care
- Is gearbest com a scam or legitimate
- How old is Sheela Dixit's death
- What are some feel-good English films
- Should I buy shares in sugar companies?
- What are the gains as a medicine