Again and again, our credit experts are asked numerous questions about the Bank. At the same time, certain fears of consumers are recurrent. The protection community for general credit protection – Bank for short – is known as a colorful dog. In fact, according to a representative study by the credit bureau itself, around 95% of respondents know Bank, but that does not mean that everything they know about them is correct. In order to enlighten our readers and put the image of the credit agency in the right light, let’s take a close look at the 5 biggest Bank errors.
Error 1: The Bank is a state authority
We can eliminate this first of the Bank errors: the protection association for general credit protection is not a state-owned enterprise. It exists since 1927 as a private company and is today a public limited company. Both mail-order and telecommunications companies, banks and savings banks are partners of the credit agency.
Error 2: The Bank collects only negative information
The main task of the Bank consists, as the name suggests, in the credit protection. In particular, it seeks to protect both credit companies and consumers by providing useful information. The mainly positive entries in the Bank rate the payment behavior of private individuals, which are passed on to banks in the form of the Bank score. This information about the creditworthiness helps with the credit decision and usually favors the lending business. Anyone who wants to know exactly, can also in our blog article “What data processed the Bank” make smart.
Good to know: In November 2014, the Regional Court of Darmstadt decided that it is inadmissible for a final reminder – no matter what the facts – to threaten the consumer with a transmission of the information to the Bank.
Error 3: Once negative Bank, always negative Bank
In itself this is true: every person is registered with the Bank. However, this does not mean that all negative entries remain in personal information forever. Also, the Schutzgemeinschatz is subject to the Federal Data Protection Act, which provides that the economic information about a person to be deleted after some time. The personal score is also updated every 3 months so that deleted information does not permanently affect the score.
Misconception 4: A credit comparison worsens the personal Bank score
Here you should consider a small but subtle difference: The loan request and the condition request . In the condition request, consumers can inform themselves without obligation about current offers from different banks and compare them with each other. When you compare a loan with Good Lender with other offers, a pure “condition request” is made – this does not affect your score. The feature “credit request”, on the other hand, can actually worsen the personal score, which is why you should be careful to make a simple and free condition request before any binding application. More about this topic can be found here.
Error 5: The Bank is not transparent
The last of the Bank errors should also be clarified at this point: Every citizen has the right to send the Bank information free of charge once a year. Here all entries can be viewed without exception and possible errors can be detected. These can be removed on request from the information and will not appear on the next listing. The written application for the free information can be downloaded from the website of the credit bureau.
Bank loan comparison
Bank reliably supports and protects lenders and borrowers in lending transactions. In addition, Good Lender’ credit comparison is always neutral and does not affect your credit rating. If you want to know more about credit and score, we recommend these two articles: Scoring: What Does It Mean? and credit decision – what role does the score play? If you want to be regularly informed about your creditworthiness, you can use the free offer Bank Credit. Register now quickly and you can always get your score – at no cost and as often as you like.