Credit without Credit Bureau Score – when do you need it?

The Credit Bureau Score is a value calculated by the loan protection agency with which probability a borrower will repay the loan taken out. The exact formula for calculating the score is unknown, as it is largely certain that two loans within six months and the possession of an unusually large number of credit cards lead to a deterioration. Due to the unclear calculation of the score value, some financial institutions do not take it into account when making their credit decisions.

What credit score needed?

What credit score needed?

In some cases, the score was not taken into account despite obtaining Credit Bureau information

The score is part of every Credit Bureau report, but not all lenders consider it. Since the credit protection association has no information about the income of individual consumers, the probability of punctual credit servicing that it has calculated is only of limited significance. For this reason, various financial institutions only pay attention to possible negative entries and current credit obligations and actually grant the loan applied for without a Credit Bureau Score.

Only a few banks officially announce the waiver of the inclusion of the credit rating figure, although this can give them a competitive advantage given the concerns about the creation of the score. In credit forums, consumers report lending without a Credit Bureau Score after they have obtained their knowledge either from a tip from a bank employee or from their successful loan application despite the low score. Basically, the loan without taking the Credit Bureau Score into account presupposes that the interest rate is the same for all customers, because the bank generally sets the interest rate for credit-related borrowing costs based on the score value.

The score remains unknown for a loan without Credit Bureau

The score remains unknown for a loan without Credit Bureau

Credit Bureau-free lending always leads to a loan without a Credit Bureau Score, since the lender remains hidden from all credit rating data registered by Credit Bureau. Insurance companies waive Credit Bureau demand if their customers lend their own claims for payment. This is fundamentally possible with life insurance and pension insurance, but is actually ruled out in the case of subsidized contracts due to the retroactive withdrawal of the subsidies or tax benefits received on the loan.

Furthermore, Swiss banks do not make a Credit Bureau request before the loan approval and therefore do not receive any data on the score value. A side effect of the Credit Bureau-free loan is that the loan is granted without a Credit Bureau Score impact and is therefore advantageous even with positive Credit Bureau and a planned extensive financing within the next six months.

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