Credit Bureau is the big problem child of many people who want to take out a loan. Many know that there is a so-called Credit Bureau entry, but have no idea whether its entry is negative or positive and how it is composed at all. For this reason, they almost inevitably have to deal with the question of whether a loan with a negative Credit Bureau is possible.
The loan with a negative Credit Bureau: A look at the Credit Bureau
An old military proverb says: “Know your enemy” – so anyone who fears that Credit Bureau will put an end to his desire for a loan should take a closer look at the system of the protection community for general credit protection. It is a German institution that is privately owned – the Credit Bureau is not a public institution, which is why there is no legal obligation to work with it. Credit Bureau’s job is to collect and store data.
This applies to loans as well as to cell phone contracts or other consumer spending. Credit Bureau does not collect information on creditworthiness. However, what it registers is whether a person pays his bills and credit installments on time or not. From this data, she develops a so-called entry, which she calls scoring, which gives all interested banks information about whether there are old debts and how the payment behavior of the borrower is. You can request your Credit Bureau entry at any time. Credit Bureau publishes this twice a year free of charge.
Opportunities for a negative Credit Bureau loan
If a Credit Bureau entry is negative, it does not have to mean the end of hopes for a loan. As described, a loan with a negative Credit Bureau means that at some point certain bills were paid too late, making the current creditworthiness of the borrower even more important. This is shown by the income that you earn monthly.
If the creditworthiness is very good, banks also give loans with negative Credit Bureau. Another viable option is to contact a financial institution that generally lends without Credit Bureau view. In plain language, this means that not only does the Credit Bureau entry not be consulted before the loan is granted, it also does not report the loan to the protection association, which is why the entry is not further burdened by this new loan.
How do you find banks that grant loans without Credit Bureau?
Appropriate loans are usually found through foreign financial institutions. The easiest way to get in touch with them is to search for banks on the Internet, to grant the loans without Credit Bureau and then to check the reputation of the corresponding houses. This also happens over the network. Alternatively, you can also use the services of a credit broker. However, the latter will let them pay, which will make the loan even more expensive.