The Schufa stores the data on debts and loans, but also on early repayments.
That’s how long data remains and you can use the directory for yourself.
If you hear the word Schufa in Germany, some people get nervous heart palpitations.
The Schutzgemeinschaft für Allgemeine Kreditsicherung (Schufa) is known in the minds of many Germans as the evil company that knows all of our data and debt.
In fact, the credit agency is an important organ of the economy.
If you have debts, your data is stored.
If you now want to take out a loan, banks use the Schufa to get security and an overview of the financial situation of potential customers.
However, the entries do not last forever and can even be used to your own advantage.
In debt: Who is the Schufa and why does it have my data?
The Schufa is a credit agency that collects data relevant to the creditworthiness of private individuals and commercial enterprises.
If you get into debt, you get an entry in the file.
This allows prospective lenders to determine if you already have debt and if you are repaying on time – minimizing the risk of lost money and non-paying customers.
First of all, every person who has a current account is registered with the Schufa, because according to
the consumer advice center
, the opening of an account is already reported there.
Even when taking out a loan, the Schufa receives a message and an entry, but that's not bad.
Only when the debtor pays his installments too late or not at all, the loan is terminated or even legal steps have to be taken, there are so-called negative entries at the Schufa.
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Data about debts are stored at the Schufa.
That's how long they stay there.
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© Imago
The Schufa can not only get negative entries from banks.
Unpaid bills from retailers and online retailers, unpaid rent from commercial housing companies, unpaid electricity or telephone bills, etc. can also be reported there.
Creditors from the private environment, i.e. landlords or other private individuals, cannot report anyone to the Schufa.
Don't miss it: You can find everything to do with money in the money newsletter from our partner Merkur.de.
Schufa entries: This is how long debts are noted
If you take out a loan or get into debt in some other way, you get an entry at the Schufa, but that doesn't mean that this data is set in stone forever.
If loans have been paid off or debts have been repaid, the entries are also removed again.
Negative entries, i.e. unpaid bills or reminders from financial institutions, are noted and remain there for as long as the debt exists.
Once these have been paid, the data is normally kept for a further three years and then deleted.
Personal bankruptcies should only be stored for six months.
In the case of loans or guarantees, the entry is removed immediately as soon as the term has ended and all debts have been settled.
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One advantage: This also applies, by the way, if you pay off a loan earlier than planned, for example.
Then the respective financial institution must send the Schufa a notification that the debts have been paid early.
The entry about the early repayment is also saved for three years, which can be advantageous for future loans because it makes the customer more attractive to banks.
Duties and rights: What is Schufa allowed to do and what rights do I have?
First of all, the Schufa is allowed to save what is reported to it by the contractual partners, i.e. banks, credit institutions, energy suppliers, telephone providers, etc.
However, as a debtor you also have rights, including the correctness of the data.
If you want to get an overview of your entries at the Schufa, you can obtain a self-assessment.
This can be done, for example, with an online order from the Schufa. There, interested parties can request a copy of the data in accordance with GDPR Art. 15.
If errors occur in this data, for example because the entries are incorrect, outdated or incomplete, the debtor has the right to rectification.
To do this, you contact both the Schufa and the creditor who reported the debt.
As long as the entry is corrected, it will be blocked.
You can check whether the data is correct afterwards by ordering another free copy of the data.
List of rubrics: © Imago
