Credit rating

The banks check before they lend money to a customer for exactly what a credit he has. Without adequate credit rating gets a customer in Germany to secure a loan because the bank has lent the money somehow, and repayment must be ensured. Therefore, with different variations in the run-examined carefully whether the borrower is also in the economic position to repay the loan. Banks and credit companies are this different types of testing available, which combined represent a significant value of the creditworthiness of borrowers.

A credit check is required by law, however, the scope of the examination of each credit institution establish itself. First and foremost, be examined at an online credit application to credit through a self-reporting of customers. The self contains details of the potential borrower of their income and their spending. The banks and credit institutions to compare the values and can already tell even a preliminary decision on the possible adoption of credit to customers. Customers who already have problems with the self, to get all the credit for undertaking a preliminary application, which should consider whether the inclusion of a loan is actually viable for the financial situation. The next steps in determining the creditworthiness of the customer will then be checked on site by an employee of the bank. For one need to be tested in the self declared data, it sends the customer's records, such as bank statements and salary slips to the bank.

With a loan that would be absorbed at a branch bank, the customer enough that the institute, and this result by checking whether the current revenue and expenditure situation would permit a loan. Furthermore, consider the banks added more Schufa information, showing the recent credit operations of the customer to check the creditworthiness of customers. The results of these values are summarized and it is a division of the customer, in one rating, which indicates the probability of default on repayment of the loan.

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