WIf you always wanted to know more about how the mysterious key figure is created, with which the credit rating agency Schufa measures the creditworthiness of consumers, you can now try it out on the Internet. Because on Thursday evening, the company released a simulator for the first time that consumers can use to try out which financial transactions and behaviors improve or worsen their personal Schufa “score”. The Schufa score is between 10,000 and zero points and is higher the better the creditworthiness of a person is assessed. The rank of a customer also determines whether they can finance the new car, the flat screen or the wall unit with an installment loan or whether online shops allow them to shop conveniently on account.
From the point of view of many consumers, the Schufa is considered an overpowering institution, although in the end it is the decision of the bank or the dealer whether a customer gets credit. It just collects consumer data and provides it to creditors if they ask for it. Schufa boss Tanja Birkholz wants to improve the gloomy image and allow consumers deeper insights. The company should be “transparent, understandable and fair” is their claim.