This is how Schufa wants to polish up its image
Schufa has been under criticism for some time. Experts repeatedly accuse the credit agency of a lack of transparency. The holding company therefore wants to polish up its image. A score simulator should now explain how Schufa calculates its creditworthiness. But the tool only scratches the surface.
The credit check from Schufa indicates how creditworthy and solvent someone is. But how exactly this so-called score is composed was unclear for a long time. Critics therefore repeatedly accuse Schufa of a lack of transparency – not to mention the power of the credit agency.
The Schufa has therefore started a transparency offensive. For a more modern appearance, the holding company presented a new logo and a new website in April 2022. In the same breath, the credit agency also revealed the secret of their so-called score – at least to a certain extent.
Schufa: Score simulator should provide more insights
At that time, Schufa already explained which factors are included in the credit report and which are not. However, the exact calculation formula remained secret. Official reason: To prevent manipulation. However, the credit agency has now published a so-called score simulator, which is intended to provide further insights.
The tool can be done in seven steps according to Schufa explain how the most important factors influence creditworthiness. The score simulator can also answer how the credit agency gets its score and how it can be improved. Tanja Birkholz, CEO of the Holding, said:
The score simulator is another milestone on Schufa’s path to more transparency and consumer friendliness. This makes the scoring principle of Schufa comprehensible for the first time.
The calculation formula remains secret
The new online tool can also provide further explanations of the individual influencing factors based on 1,800 different combinations. However, the term “milestone” seems exaggerated. Because the credit agency itself admits:
As the name suggests, the result of the score simulator is a simulation and not a personal score.
The current calculation formula remains secret. This is also because the score simulator only scratches the surface. Because it only asks seven out of 17 possible factors. The weighting of the influencing factors also remains largely secret.
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