Before banks give you a loan approval, they get a credit report . They expect information about how “risky” it is in your case to grant a loan. If you have always paid all the bills on time and only positive things about you are saved in the credit report, the bank will be happy to give you a loan – at particularly low interest rates. From the point of view of the financial institutions, there is a higher “risk” if negative information about you is noted in the credit report. Then you either have to live with higher interest rates – or you may not get a loan at all. See woonsockethigh.org of critique.
If the credit report mentioned, you almost always means the Credit bureau in the field of personal loans. The company based in Wiesbaden is the clear market leader in the evaluation of credit risks. It is not without reason that the term “Credit bureau clause” has been established for the small print under the credit request. With your signature, you confirm that the bank can call up the information stored about you from Credit bureau.
This is how the credit report works
The credit report has saved hundreds of millions of records. There are entries for almost every consumer in Germany. For example, loans and leasing transactions, installment payment agreements and account openings are saved. It also notes whether you pay your loan installments on time or whether there are difficulties in repaying loans. The credit report calculates a so-called score value from these and other factors.
The problem: No one really knows except the information itself how the valuation, which is so important for the loan, comes about. That is why, as a consumer, you have only a very limited opportunity to improve your score.
It can happen that the credit report gives you a negative rating without ever knowing why. So you don’t know what you would have to do to increase your value. Although the creditworthiness of large banks mainly depends on the credit report, Credit bureau does not provide you with the most important information.
What the information means for your credit
Large banks are examining credit inquiries en masse in so-called “credit factories”. Computers determine whether you are welcome as a loan customer or not. A very important criterion is the Credit bureau score. If you want to take out a loan now or in the future, your rating through the credit report is very important.
Bad information, no credit?
If your score is too bad or if there are too many negative characteristics stored in the credit report, this means nothing good for your credit opportunities. You have to expect a very fast cancellation and in many cases you won’t even get a reason for it. This can even happen to you at your house bank, which you as a customer may have been loyal to for many years.
With bad information about your credit behavior, you will find practically no lender among the big banks. However, the negative rating does not mean that you have to say goodbye to your loan request. Good lender can also help you in difficult situations – regardless of the credit report.
Fast cash with negative credit reports
Good lender has been helping people like you find cheap credit for more than 40 years. Very often, the credit report believes that prospective buyers are not creditworthy – although in reality their income would easily be enough to obtain a loan.
This gap is closed by innovative banks from Germany and abroad, which do not cling to the information provided in the credit report when checking loan requests. Rather, you get your own picture and let the factors that really matter flow into your decision – your current income, for example.
It has even happened to millionaires that they were suddenly considered “not creditworthy” due to poor credit reports. If the same thing happens to you, you are in good company.
Our tip: If your house bank doesn’t want to lend you money, don’t let your head hang. There are enough alternative lenders who can help you quickly and cheaply even with negative credit reports.