Getting a loan with Credit Bureau done is usually not easy. The main reason for this is that although all entries that are considered to have been completed are also noted as such, they remain in the Credit Bureau information for three years before they are completely deleted. For example, if you had a negative entry due to a canceled loan and have now been able to repay it in full, you will only receive a settlement note. The result of this is that the negative entry is converted into a neutral entry. However, creditworthiness is not yet restored.
Difficulties with a loan with Credit Bureau done
Many banks are generally very skeptical about a loan with Credit Bureau. You assume that a customer who has not fulfilled their financial obligations in the past and has therefore received a negative Credit Bureau entry may also cause problems in the future.
Certain prejudices may also play a role in this view.
Only when a negative Credit Bureau entry is finally deleted after three years, the bank can no longer understand it and the customer is again fully creditworthy. However, this only applies if there are no other obstacles.
An alternative would be a loan without Credit Bureau from abroad. This usually comes from Switzerland and is also available for German citizens. When submitting an application, an inquiry to Credit Bureau is always omitted and an approved loan is never reported there. Therefore, a Swiss loan is also possible as a loan with Credit Bureau completed. However, the most important requirement for such a loan is that the applicant is an employee and is no longer in the trial period. In addition, his employment relationship must be unlimited.
The bank’s income serves as the sole loan security. It must always be so high for a loan with Credit Bureau that it would be attachable if necessary.
It might also be possible to get a loan with Credit Bureau done through a credit broker. This can often help even in difficult cases and find a suitable loan for the respective customer.
However, caution should always be exercised if any costs become due before the loan brokerage. Then it can usually be assumed that the corresponding offer is dubious.