The loan with a completed Credit Bureau entry shouldn’t be a problem. At least that’s how most people think. Unfortunately, this cannot always be assumed. Who is affected, how negative consequences can be mitigated, that’s what the article is about.
The loan with a Credit Bureau entry – a problem?
The loan with a completed Credit Bureau entry can run in many cases without any problems. The loan is approved without any problems if the entry is a “positive” entry. These Credit Bureau entries include, for example, a properly repaid loan. There is no reason for the bank to be suspicious if there have never been problems with previous credit agreements. But on the contrary. The old entries prove the debtor’s contractual and payment compliance.
Credit Bureau was founded as a protection association for lenders. Their purpose is to collect data. This data is intended to provide the lender with neutral information about a debtor. It can be positive information and of course negative information. A completed Credit Bureau entry also only provides data.
The borrower is solely responsible for his behavior in the past, whether they are positive or negative. Only negative data becomes a problem with lending. Those who are affected have simply done something wrong and are now suffering the consequences for another three years. Only then will the entry be deleted automatically.
How can those affected mitigate the consequences?
The loan with a completed Credit Bureau entry, like any loan, depends on the credit rating. A negative entry significantly reduces the creditworthiness. The KO reason is not the completed negative entry. If you want to apply for the loan from a reputable bank in Germany, you are advised to flee forward.
The clerk should be contacted even before he discovers the entry himself and declines the loan without further ado. There are often logical reasons to prove that it was a one-time slip. Life can provide many surprises that ultimately led to a negative entry in the Credit Bureau. The former employer’s bankruptcy, to give an example.
Living conditions can also have changed completely. All factual arguments can convince the clerk that there is no risk of repetition. One of the best arguments is a checking account that never goes down. Even a sum is saved every month. Whoever manages his checking account like this has his finances under control. The credit with a completed Credit Bureau entry is possible again with a little persuasion, even with a negative history.
For hurried readers, the facts in the summary:
- Not every Credit Bureau entry done has a negative impact.
- Obligations that have always been properly paid even improve creditworthiness.
- If you have a completed negative entry, you are not automatically not creditworthy.
- In any case, it is advisable to speak to the clerk personally.
- The loan with a completed Credit Bureau entry can be approved, even if the sign is negative.