Schufa: What is it actually?

What is Schufa actually? If you also ask yourself this question, it is probably due to the fear of a negative entry at Schufa. Schufa is the abbreviation for "Schutzgemeinschaft für allgemeine Kreditsicherung": you can find out everything else in this article.

That's Schufa

So what your Schufa file contains is relevant to you if you are planning a major transaction. When renting a new apartment, for example, a Schufa report is usually required nowadays. Schufa collects data on your financial life, such as the number of current accounts you have opened, your existing credit and leasing contracts, outstanding debts, or cell phone and other telecommunications contracts you have used. This information provides information about your creditworthiness. Of course, personal data is also collected for this purpose, i.e. current address, previous addresses and other personal data.

• The Schufa is intended to protect contractual partners from default. Therefore, the information is collected and warnings are issued if the creditworthiness of a partner is not fully given.
• Every day, Schufa provides about 350,000 information on the creditworthiness of individuals and companies. In the process, Schufa cooperates with about 10,000 partner companies.
• Schufa information can be categorized into two groups: A-information contains important information about your bank details, credit requests and your full debits. Such information is provided to banks, leasing companies or building societies. B information contains information on whether you are behaving properly as a contractual partner. This includes, for example, paying your credit installments. B-information is given to mail order companies or telephone companies.