In addition to the current negative characteristics, the Credit Brureau information also contains completed entries. In principle, Credit Brureau entries are retained three years after they have been settled, only for amounts up to two thousand USD and a payment within six weeks after notification to the credit protection department, data is deleted immediately. According to Credit Brureau’s internal definition, completed entries are part of the neutral creditworthiness data, but not all financial institutions agree with this view.
Bank loan despite Credit Brureau completed
If consumers take out a loan through a conventional commercial bank despite the Credit Brureau entry being completed, they check before submitting the application whether the respective financial institution rates it as a negative entry or shares the Credit Brureau view that this is a neutral credit date. Appropriate information can often be obtained from a general telephone inquiry without mentioning the name. The fact that the borrower’s financial position has improved since the Credit Brureau entry was forfeited can be seen from the fact that it has been settled.
Nevertheless, the chances of getting a loan despite a completed Credit Brureau entry increase if the customer takes out the loan with another applicant whose credit report does not contain any current or completed negative characteristics. Switching to a Swiss bank is also possible. Since the latter cannot obtain credit information about the German credit protection, it receives no knowledge of completed or existing negative entries. Despite the lending from Switzerland, the entire settlement is carried out in USD, so that the risks of a foreign currency loan do not arise.
Borrowing with completed Credit Brureau entry through private lenders
It is easier to take out a loan via a website for private lending, even though a Credit Brureau entry has been made, than through a commercial bank, since many of the lenders registered there rate social issues more than hard credit data. They also like to draw a loan request from loan seekers with a completed Credit Brureau entry, because they know about the difficulties of taking out loans with traditional commercial banks and want to support those affected.
Through a detailed description of the purpose of the loan and extensive data on the creditworthiness of the applicant, private lenders learn that the applicant wants a loan despite the Credit Brureau entry being completed. For data protection reasons, the extensive information is harmless, since the platform owner carries out the organizational loan processing and the private lenders and lenders registered there do not learn their mutual contact information and bank details.