Credit Bureau negative entries are only deleted from the Credit Bureau directory at the end of the third calendar year after they have been settled by subsequent payment. An exception applies to amounts of not more than 2,000 USD if there are no more than six weeks between the date of entry and the late payment of the claim.
Until the data is finally deleted, Credit Bureau transmits it together with a completion note. She evaluates completed negative entries as neutral Credit Bureau characteristics. Not all lenders share this classification. In addition, the question arises why the transfer of completed Credit Bureau negative entries takes place at all if these should not have any negative consequences for the credit rating. When the bank asks for a loan with a Credit Bureau entry that has been completed, the bank learns that the applicant has in the past had payment difficulties overcome.
Bank loan with completed Credit Bureau entry in Germany
Whether a domestic bank approves a loan with the Credit Bureau entry completed depends on the internal lending conditions and how the loan officer evaluates the applicant’s current income situation. Consumers have the best chance of a successful loan application if they had forfeited the Credit Bureau entry marked as completed at a time of temporary unemployment and now have a permanent job again.
With an online loan application, corresponding inquiries from the financial institution can be expected, but the customer can also attach an explanation of the improvement in their overall financial situation to the loan application. Another option for obtaining a loan with a Credit Bureau entry completed is to apply for a loan together with a second applicant. This should have a clean Credit Bureau information and a regular income, but does not have to be related to the first loan applicant or engaged and does not have to live in the same household.
Instead of being a co-applicant, the second person can also act as a guarantor. Credit institutions sometimes prefer co-applications to sureties, because legislators place stringent requirements on guarantors with regard to their knowledge of the scope of a guarantee declaration.
Bank loan with completed Credit Bureau entry from Switzerland
The desired loan can be taken out with a completed Credit Bureau entry via a Swiss or Liechtenstein bank, since the financial institutions located there carry out the loan processing entirely without the involvement of the German credit report. You will therefore not be informed of a current or a Credit Bureau entry marked as completed. The loan amount for Swiss loans, which also includes the loans paid out by Liechtenstein banks, is limited to an amount of $ 3500 or 5000. The payment is made in USD, so a currency conversion is not necessary.
Despite the waiver of the Credit Bureau request, it is not possible to apply for two Credit Bureau-free loans from different banks at the same time. This is because the Swiss or Liechtenstein bank submits a credit rating request to the Swiss ZEK. Their tasks can be compared with the range of activities of Credit Bureau, but their database is limited to loans processed in Switzerland. Nevertheless, the application for a loan amount higher than 5000 USD is not excluded if the applicant applies for the desired Swiss loan with the completed Credit Bureau entry through an intermediary.
In this case, it must be ensured that the service provider does not charge any preliminary costs, but only invoices an appropriate success commission. The calculation of fees to be paid even in the event of unsuccessful brokerage contradicts legal regulations and questions the seriousness of a financial service provider. A correctly working credit broker, on the other hand, can successfully pay out a Credit Bureau-free loan of more than 5,000 USD for his client thanks to his contacts. In individual cases, the loan comes with a completed Credit Bureau entry from a foreign bank outside of Switzerland or the USD area, so that this is a Credit Bureau-free foreign currency loan.
The personal loan with a Credit Bureau entry
The required loan can be taken up more easily than with a traditional bank with a completed Credit Bureau entry via a platform for private loan brokerage. In the case of a credit request submitted via a corresponding platform, the loan seeker describes his financial situation, including the cause of the Credit Bureau entry, as precisely as possible. At the same time, he makes it clear how his financial situation has improved since the negative feature, which has since been marked as done, has disappeared.
Another important information for the decision to grant loans by private individuals relates to the intended use. For many private lenders, it is primarily important that they rate the specified credit use as eligible. They not only overlook a completed Credit Bureau entry, but prefer to subscribe to the requested loan, since the requesting member is rejected by various banks as a loan customer.