Consumer Protection - Schufa's Shadow Database
20 Articles
20 Articles
The Schufa information file unnoticed by the public stores outdated data from millions of consumers.
Schufa regularly evaluates the creditworthiness of millions of consumers. With a new, up-to-date score, it promises more transparency. But what does the company need ancient financial data for?
Those who went into private insolvency or had debts years ago could still appear in a Schufa database, according to a search, despite changing circumstances.
Information about loans paid years ago is still stored in a Schufa database. A search reveals that the consumer data is still being used – also by other companies.
If you are looking for a new apartment or want to borrow a bank loan, you need a good Schufa score. In order to test the calculations, according to a report, the company uses old data from consumers and passes them on to companies - without the parties concerned knowing anything about it.
Consumers rely on erasure periods. However, current findings raise new questions about transparency in the handling of Schufa data.
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