When is a loan request credit bureau-neutral?
Many comparison portals, but also Internet sites of banks advertise that a loan request is credit bureau-neutral. This is to say that credit inquiries do not have a negative impact on the credit bureau characteristics or credit rating by the credit bureau. credit bureau is Germany’s largest credit bureau. It has stored almost 800 million data on more than 66 million people in Germany.
There is practically no commercial bank that does not cooperate with the credit bureau. If credit inquiries are made, a credit bureau information is always obtained. Negative entries in the credit bureau file lead to a rejection of credit in most cases. At least, the conditions worsen significantly, because the risk is valued much higher.
Condition requests without credit bureau effect
In order to understand the statement “credit inquiry credit bureau-neutral”, it is advisable to take a closer look at the recording of credit inquiries. A credit request is already present when a prospective loan applicant at a bank or via a comparison portal concretely inquires about the terms applicable to him for a specific loan request. An application does not yet have to be submitted. Such loan requests are usually reported as “request credit terms” (KK) to the credit bureau and remain there for one year.
This message can only be viewed by the requested bank, other institutions can not recognize you. KK reports are also not included in the credit bureau scoring. Using this mathematical-statistical method, credit bureau calculates the creditworthiness of the potential borrower from the stored data. Banks seeking credit bureau information will receive the credit bureau Score value as additional information about the stored entries.
Condition requests have no impact on the credit bureau information. In this sense, such a loan request is credit bureau-neutral. It is therefore harmless to make several such requests simultaneously at different institutes. The credit opportunities do not change. Such a procedure is even expedient, because only in this case can the best offer actually be identified. The mere comparison of conditions displayed in advertising is usually not sufficient, because the information relates only to exemplary borrowers with mostly good to very good credit ratings.
Loan applications are credit bureau-effective
The situation is different when a credit request is reported as a “request credit” (AK). This is the case when there is a concrete loan application signed by the applicant and accompanied by the necessary supporting documents. Such a binding loan request is also stored for one year at credit bureau. Other institutes can recognize them about ten days after the entry. If several such requests are reported by different banks within a short time, this will degrade the credit bureau Score value. In this respect, this loan request is not credit bureau neutral.