Banks contact Credit bureau with every credit request, a protection association for general credit protection – Credit bureau for short – that provides information about a customer’s creditworthiness. A negative entry in the same can be the reason for a loan rejection, although not all negative Credit bureau entries are equally unfavorable.
The statements of the negative Credit bureau information
Negative entries in Credit bureau that come from a non-fulfilled mobile phone contract are rated differently by Credit bureau than, for example, an affidavit (oath of disclosure) or a credit termination. But there are also negative Credit bureau entries that can be viewed as done. This is the case, for example, if a breach of credit law has been going on for years and has long been resolved. However, if the applicant does not delete this incident himself, it remains as a negative feature in the Credit bureau, which noticeably reduces the customer’s creditworthiness.
Therefore, if such an offense is known in the past, a free self-inquiry should be made to the Credit bureau. If the data is no longer valid, it can be deleted, which enables normal borrowing. The so-called score value that Credit bureau assigns is also decisive for a loan with bad Credit bureau. This score is calculated from the credit activities of the past 12 months and from its credit use, previous payment problems (such as open and unpaid mail order invoices or payment defaults) but also information about whether and how long a checking account has been available and whether credit cards are used.
Do not overdraw the granted overdraft facility and adhere to the credit line of credit cards, for example, this can have a positive impact on the score. It is assumed that the higher the score, the higher the solvency rating. Anyone with a score of around 90 has a good chance of lending, 50 are rated as high risk by the banks.
A credit broker to help with a bad Credit bureau loan
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If you don’t get a normal loan from banks because of the negative entry, you can apply for a bad Credit bureau loan with a credit broker. There are many reputable credit intermediaries that specialize in a bad Credit bureau loan. No pre-commission or other financial costs are required from these credit intermediaries, but only after the process has been completed. For a loan with a bad Credit bureau you should look for a credit broker who can look back on many years of activity. This criterion ensures that a reliable loan processing can be assumed.