What is „Schufa“?

Every person who has applied for a loan or opened an account, has come into contact with the “Schufa”. Schufa is short for „Schutzgemeinschaft für allgemeine Kreditsicherung“ which can be translated as General Credit Protection Agency”. So, what exactly does Schufa do? At Schufa, all data concerning loans, checking accounts, installment payments and other such things, is saved – but only with the consent of the affected person. An inquiry with Schufa is supposed to give information about the creditworthiness, meaning how financially trustworthy, someone is or how orderly they pay back their debts. This is important for banks when giving out loans, for the retail market if someone wants an installment plan, or for landlords. According to §34 of the Federal Data Protection Act, every person has the right to inspect the saved data about oneself. This is possible free of charge once a year. To apply for insight into one’s data, visit: https://www.meineschufa.de/index.php?site=11_3

More information about Schufa: https://www.schufa.de/en/

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