Do I have to be afraid of the Schufa?

A.Of course, fear is never a good advisor, but in fact the weal and woe of many companies and also private individuals depend on Schufa. In this respect, the shivering before their judgment as to whether companies or private individuals are creditworthy is often part of it. The largest German credit reporting agency is one of the huge data collection points in the country with financial information on 68 million people and six million companies.

It is owned by banks, savings banks, retailers and other companies that are interested in the most precise possible examination of the financial situation of their customers. The Schufa collects all possible financial data for you and calculates an assessment of the solvency of people and companies.

Data protectionists repeatedly accuse the Schufa of a lack of transparency. But it moves within the framework of the law. However, a project to inspect current accounts was not pursued after strong criticism. Before you get involved in the creation of myths about the Schufa, you should simply request your own data from the Schufa. This is very easy to do under and the point “Data copy according to Article 15 of the General Data Protection Regulation”. So everyone can have what Schufa has saved about them sent to them free of charge once a year and address inconsistencies and errors.

If you want to stay up to date, you have to pay. Subscriptions start at € 3.95 per month. A credit report, which often has to be presented to rent an apartment, costs just under 30 euros. It remains unclear how the Schufa assessment is calculated exactly and how it is influenced by which behavior. That remains a trade secret. Everyone who needs a loan or concludes an installment contract has to live with that. The Schufa is always asked for its assessment. If you want to better protect your data, you should read your contracts more carefully before signing them and not always blindly tick all the boxes.

Do you have any questions about money? Gladly to our editor Daniel Mohr at


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