Quite a few people who would like to take out a loan fail because of an important hurdle – the Credit Bureau information. Credit Bureau is a credit agency, i.e. an organization that collects data on loans, payment obligations, telephone contracts, etc. and uses the personal as well as target-group-oriented comparison data to assess the creditworthiness of an applicant.
It can, but need not necessarily be the responsibility of the applicant if a loan is refused because of a negative Credit Bureau information. With a bit of bad luck you can belong to a very risky target group due to external circumstances. Many bankers prefer to play it safe and refuse to grant a loan. If you are dependent on the money, there is the possibility in certain cases to get a loan without Credit Bureau entry.
Is a credit really necessary without a Credit Bureau entry?
Many people misjudge their own creditworthiness or creditworthiness. It is therefore advisable to occasionally obtain information from the Credit Bureau. It happens that data and information are out of date. If this is the case, a call to Credit Bureau helps, the employees there then check the entries and delete or correct incorrect entries. If nothing can be done anyway, you should always first try to get a normal loan with Credit Bureau query.
It makes sense to include the house bank as a contact person, because with a trusting relationship and a known good payment behavior, the banker usually has a little more leeway than you think. Basically, you can assume that a normally processed loan is cheaper than a loan without Credit Bureau entry.
If your credit rating is not sufficient, other solutions can also be checked. A second borrower or a guarantor can also be options that should be checked before applying for a loan without Credit Bureau entry.
How do Credit Bureau-free loans work?
Loans without Credit Bureau entry are granted by foreign banks, which are usually financial institutions from Switzerland. These are not bound by the regulations applicable in Germany, so that loans can be granted without Credit Bureau’s participation. In most cases, Credit Bureau does not learn about these loans because foreign financial institutions do not pass on this information.
How do I recognize a dubious loan
Especially in the area of Credit Bureau-free loans there are many dubious providers who take advantage of the financial hardship of consumers for their own purposes. Basically, it can be assumed that anything that costs money in advance without a specific loan approval is not serious. The alleged credit brokers come up with plenty of opportunities to pull the money out of their pockets.
For example, there are some providers who only work with an expensive hotline and drag out the calls endlessly by querying countless details. Other providers only send the credit documents cash on delivery. Here, too, the consumer often only paid fees for worthless paper.
Conclusion – credit without Credit Bureau entry should be the last option
The loan without Credit Bureau entry is more expensive than a normal loan and there are also numerous dubious intermediaries among the providers. Such a loan should therefore only be taken out in exceptional cases from a reputable provider who does not require horrendous advance payments without consideration.