Anyone wishing to take out a loan has usually already met Schufa. In order to be able to assess the creditworthiness of Germans comprehensively in the future, she now wants to read bank statements.
Schufa promotes a new business model under the title “CheckNow”: in the future, the credit agency wants to assess even more financial data of German citizens. Account statements should also be read for this purpose. The private company wants to use this information to create a score that assesses a person’s creditworthiness even more accurately than before.
Schufa and data protection: this is how the credit agency works
The company applied to the Bavarian State Data Protection Authority for approval. When critical reactions followed, they turned to Hesse, reports the daily news. According to a study conducted by a team of NDR, WDR and SZ, the local authority is known to be less critical. It is hoped that the review repeated elsewhere will apparently result in a smoother assessment.
According to its own information, Schufa wants to help people with CheckNow who receive a negative Schufa rating under the standard procedure. By evaluating account statements, creditworthiness can still be proven. Data protectionists are particularly critical of the fact that Schufa or its responsible subsidiary “Finapi” wishes to save account data. Data protection concerns had already led to the fact that Telefónica / o2 had prematurely terminated cooperation with Schufa for testing purposes last year.
A positive Schufa rating can be important for expensive purchases. This also includes some of the best TV models:
Schufa wants to collect even more financial data
The Schufa approach – while admissible – is reminiscent of a shrewd kid who goes to mom’s house when he doesn’t get what he wants from dad. And it does not go well: “Such behavior of the Schufa would be extremely brazen”, quoted the Tagesschau Klaus Müller, member of the board of directors of the Federation of German consumer organizations. He rates CheckNow as “a fairly extensive data mining” that we want to get approved where there is the greatest chance of success. This is not the controversial first Schufa plan.
The Schufa states that they have followed the usual path. Because Finapi is based in Munich, they turned to Bavarian authority first and then Hessian authority due to interaction with Schufa’s headquarters in Wiesbaden. In Bavaria, people are skeptical about whether such an interaction is legitimate, while the Hessians declined to comment.