If consumers initially forfeit a negative Credit Bureau entry and settle the claim later, the credit protection does not delete the note, but continues it for three years with a settlement note. Immediate deletion will only take place for amounts under two thousand dollars and payment within six weeks after registration.
What does a completed Credit Bureau entry mean for creditworthiness?
According to Credit Bureau, completed entries are no longer negative characteristics, but neutral data. Not all financial institutions share this rating, making it difficult for consumers to take out a loan despite having completed the Credit Bureau entry. The easiest way to take out a loan in Switzerland is because it takes place without a request to the loan protection agency and as a result the bank is not aware of any existing or completed Credit Bureau entries.
However, the amount of the loan is mainly limited to $ 3500. In addition, federal financial institutions make above-average demands on job security and the amount of earned income to compensate for the lack of creditworthiness requests. Consumer forums can be used to determine which domestic financial institutions follow the definition of the credit protection association and grant a loan despite the Credit Bureau entry being completed. Submitting an application together with a second borrower, whose credit rating does not contain a current or completed Credit Bureau entry, increases the chances of the loan application being approved.
Organized personal loans as an alternative to bank loans
A website can be used to broker loans between private individuals, even though the Credit Bureau entry has been completed, if the loan seeker convincingly describes his project. Private lenders decide more on the purpose of a requested loan than on hard credit facts. In addition, the information about the completed Credit Bureau entry motivates some of the members in addition to a drawing of the loan request, since they deliberately promote people who find it difficult to take out a loan from a traditional commercial bank.
Despite the extensive information on the person and the intended use, the data protection on the websites for personal loan brokerage is ensured, since the website operator carries out the specific processing and the private lenders and borrowers do not learn their mutual contact and bank details.