Home loan despite negative schufa – is that possible??

Anyone who has ever failed to meet his or her payment obligations usually has a hard time getting a construction loan. Exceptions are possible in individual cases. If the overall financial situation is right, you can get a loan despite negative SCHUFA. We reveal how it works.

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  • SCHUFA stores information on the payment behavior of consumers – companies and banks can access this information to check creditworthiness.
  • Negative SCHUFA entries can be caused, for example, by payment arrears. As a rule, this reduces the chances of obtaining another loan for construction financing.
  • If you want to get a home loan despite SCHUFA, you should be well informed in advance about the stored data and be prepared for inquiries from the bank. Often, negative entries can be plausibly explained or even deleted.

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The SCHUFA principle

SCHUFA is a credit bureau in germany. The provision of credit-relevant information is SCHUFA’s core business. This information about consumers is obtained from its contractual partners, including banks, building societies, mail-order companies, department stores and telecommunications companies.

This includes, for example, information on opening or closing of current accounts, consumer loans and guarantees. All personal data beyond name and address, such as account balances or information on personal income and assets, are not collected. Who is allowed to receive which information from SCHUFA to check creditworthiness depends on the type of contractual partner. SCHUFA divides its contractual partners into three categories:

contract partner description
A-contractor credit institutions and leasing companies are informed of both positive and negative characteristics of consumers. This means that a fairly complete profile of all regular debits and incomes is passed on here.
B-contractors credit institutions, leasing companies and companies that grant services and supplies against credit receive information on whether the borrower is acting as a customer in accordance with the contract and whether the installments are being properly repaid.
F-contractual partners debt collection companies, which can also demand the address data of customers if they are entitled to do so. However, this is only possible if they have agreed to the SCHUFA clause when concluding the contract.

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Home loan despite negative SCHUFA - is that possible??

Checking contractual data stored at SCHUFA

Consumer advocates and attorneys report that errors can occur in the exchange of information between companies. Above all, it can happen that entries are not deleted in due time. Then the paid-off loan will still be in the database after more than three years and will continue to make the former debtor a risky customer. Anyone planning to buy a property should therefore check the information stored by SCHUFA in good time.

As a consumer, you have access to all the information stored by SCHUFA at any time after registering on the SCHUFA online portal. There you can easily make inquiries and change requests for all contents and still find a way out despite negative SCHUFA.

Anyone who discovers incorrect or outdated entries should therefore immediately go online to meineschufa.De, by telephone or by letter to the SCHUFA and at the same time to the relevant contractual partner to request the correction or deletion. If the entry is indeed incorrect, it is usually corrected very quickly.

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Home loan despite negative SCHUFA - is that possible??

the problem: a negative SCHUFA entry about non-contractual behavior

Negative information such as open, sufficiently reminded and undisputed receivables or the submission of a affidavit on the other hand, are an indication of non-contractual behavior.

Taking out a loan, opening a current account or making an installment purchase is initially nothing negative. It could become problematic for construction financing if there are already a lot of current credit obligations exist. However, negative SCHUFA entries in the true sense of the word are information about "non-contractual behavior" of account and credit holders, for example, if credit installments have not been paid.

Such occurrences are usually a reason for refusal of a building loan – But there is also the possibility of obtaining credit despite negative SCHUFA. Applicants should bear in mind that all information on credit transactions is subject to individual retention periods that extend beyond the date of the last installment.

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So you get a loan despite negative SCHUFA

Regardless of whether the entry is positive or negative, SCHUFA receives the information from its contractual partners and stores it. Particularly in the case of negative entries, the severity and background are relevant. For example, it can happen that a minor child concludes a contract or subscription on the Internet in the name of his or her parents without their knowledge. If payment is not made, an entry is quickly made – and remains there for the time being.

Therefore, before the bank consultation, check the relevant information that your future construction financing institution will use for its decision and prepare yourself specifically for queries. This is how you can convince lenders even if you have a negative SCHUFA. Per se, a negative SCHUFA entry – regardless of the reason – is not necessarily an obstacle to obtaining construction financing.

Banks are now aware of the problems that can arise in connection with SCHUFA information. Many providers therefore now grant loans despite a negative SCHUFA entry and, in order to assess creditworthiness, also evaluate the creditworthiness of the borrower overall economic situation the borrower:inside.

A positive SCHUFA score is no guarantee of a loan approval, because banks and credit institutions use other factors to assess creditworthiness. If you don’t have a regular income or other collateral, for example, it will be difficult for you to obtain a loan. Even one that is too low SCHUFA score in a certain area can cause problems when taking out a loan.

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Is construction financing possible without a SCHUFA query??

Credit without SCHUFA refers to a loan that is granted without checking the creditworthiness and solvency of the borrower by querying SCHUFA or another credit agency. The costs – especially the interest – for the use of the loan without SCHUFA are significantly higher than the cost of a "normal" loan.

However, people with negative SCHUFA entries often see credit without SCHUFA information as the only way to take out a loan. Because of the higher costs it makes sense to shortest possible term to agree on a solution in order to keep the burden as low as possible. A small loan is paid off quickly in this way.

In the case of larger loans, such as for financing a house or a condominium, it does not necessarily make sense to take out a home loan without SCHUFA information. In such cases, a private loan can be an alternative if no bank is willing to grant a loan. Especially for construction financing, the SCHUFA score should be high – otherwise it will be difficult for you to get favorable conditions.

What is your credit rating?? Here you can download the SCHUFA credit check create your model with just a few clicks and download it immediately as a PDF:

SCHUFA (schutzgemeinschaft fur allgemeine kreditsicherung) is a credit agency that provides companies and banks with credit-relevant information about their customers. There are fixed rules governing who is allowed to query which information.

how does a negative SCHUFA entry come about??

A negative SCHUFA entry is caused by so-called "non-contractual behavior". This includes, for example, late or non-payment of credit installments or outstanding invoices. The general increase in the number of current loans can also have a negative impact on the SCHUFA score.

can i delete negative entries at SCHUFA?

Negative entries that are justified remain in the SCHUFA information until clarified. Open accounts receivable that have been settled must be deleted after three years at the latest. If this deadline is exceeded or if there are unauthorized negative entries in the profile, the consumer can request deletion.

can i get a home loan despite SCHUFA entry?

Depending on the severity of the case, a negative SCHUFA entry is not directly a reason for refusal when it comes to financing a property with the help of the bank. Many banks check the general creditworthiness of potential customers in addition to the SCHUFA information in order to be able to correctly assess the risk of granting a loan.

there are loans without a SCHUFA check?

Some financial companies do not check the SCHUFA score at all when granting a loan. Here you can of course get a home loan despite SCHUFA entry. However, the ancillary credit costs and interest rates for such offers are usually extremely high, so this step should be considered carefully, especially for high loans with long terms.

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Christina Cherry
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