How do I get my Credit Score

What do I do to maintain my credit rating?

To jump to the impact on my credit rating? What can I do to increase my credit rating? It is important to know your creditworthiness and what influences it. After a good credit record, the payment of invoices on time, non lack of payment and not the application for credit on a regular basis will all help give you a good score. Your banking can be managed so that you can increase your creditworthiness.

Have a look at our page entitled Managing your Money (opens in a new window) for some great hints and great utilities to help you manage your account efficiently. Every creditor has his own system, but in general these things can increase your score: before you apply for a credit (opens in a new window), you can use our personalized credit offer (opens in a new window) to verify your creditworthiness.

This will not in any way impair your creditworthiness. There is only a short-term memo on your credit record that only you can see: not us, not other creditors, just you. What can we do to correct this one?

Does GDPR influence my credit rating?

Published on 22 May 2018 by Marketing & submitted under Brexit, Business, Credit, Credit, Credit Score, Datab. The new GDPR (General Privacy Protection Regulation), which comes into force on 25 May 2018, will bring about changes in the way people' privacy information is handled and monitored worldwide. Legislation will tighten requirements to make sure that companies protect an individual's personally identifiable information and adhere to the new protocol.

One area of activity that is highly dependent on credit information gathering is the banking industry, in particular the credit information industry; credit bureaus are requested by the FCA to obtain, retain and disclose individual credit information about individuals' credit histories - the way GDPR will relate to them.

There are a number of issues that are asked as to how GDPR will influence your creditworthiness and the credit report processing. The GDPR will concern all banks, both large and small. Such companies must be fully aware of the collection, storage and use of client information. So where is the credit agency that processes a large amount of person-related information on a daily basis?

Briefly, the collection and storage processes of individual identifiable information by credit institutes (such as credit bureaus and lenders) remains largely unchanged. Because the EZV will demand from the Finanzdienstleistern also after entry into force of the GDPR that they seize and processes this kind of person-related dates.

With GDPR one should consider the fact that the new rules are at the interests of the customers at the core and the crucial factors. Finance companies have a duty to ensure that the right processes are followed. Companies, for example, must refrain from ticking off checkboxes and expressly request permission to collect your personally identifiable information before it is retained or used.

While the new regulations are more stringent than ever, your credit rating information remains intact during the GDPR rollout. But what about the way credit bureaus handle historic information? Finance companies must establish their own system to regulate how customers' historic information is used, especially if approval has not been given before.

This will have more of an impact on finance companies than on themselves as customers. The FCA stated in an formal declaration with the ICO (Information Commissioner's Office) that there should be an intersection between the way finance organizations currently process and use information and the way things should be done under GDPR.

Nevertheless, it is in the responsibility of finance companies to make sure that processing of PII takes place for legitimate purposes. Therefore, all interested persons should continue to have the possibility to obtain credit information from individuals, provided that this is done transparently and for legitimate purposes. That could mean more footwork from the credit bureaus, but you don't have to be worried.

FIs will continue to have the necessary legislation in place to store certain types of information for certain timeframes. The FCA, for example, will continue to demand that credit bureaus keep past bad debts in your credit files for up to six years. Credit bureaus already have regulations in place to reconcile the need for protecting your information with its suitability.

In this sense, GDPR should only reinforce this relation and make more clear why and how your person-related information is used. Understanding that the loan procedure can be long, we make it as simple as possible for our clients. That means we are dedicated to making credit available to serve the needs of our clients, not just creditworthiness and reporting.

If you are concerned about your current credit record or uncertain about how to get a credit, we can help.

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