Schufa Score
The Schufa Score is a numerical value between 0 and 100 that evaluates a person's creditworthiness in Germany.
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Detailed Explanation
Schufa (Schutzgemeinschaft fur allgemeine Kreditsicherung) is Germany's largest credit bureau. The Schufa Score calculates the statistical probability that a consumer will meet their payment obligations.
Score ranges: - 97.5% - 100%: Very low risk (excellent) - 95% - 97.5%: Low to manageable risk (good) - 90% - 95%: Satisfactory to elevated risk (fair) - 80% - 90%: Significantly elevated to high risk (adequate) - 50% - 80%: Very high risk (poor) - Below 50%: Critical risk (insufficient)
Factors influencing the score: - Payment history (positive and negative) - Number and type of credit accounts - Credit utilization - Length of credit history - Frequency of credit inquiries - Negative entries (payment demands, insolvency)
Every consumer has the right to one free self-disclosure per year (data copy under Art. 15 GDPR).
Practical Example
Maria has a Schufa Score of 96.3%. She can easily obtain a loan at favorable terms. Her neighbor with 78% might be rejected or receive loans only at higher interest rates.
Legal Basis
Art. 15 GDPR, §28a BDSG (Federal Data Protection Act)