As soon as a current or business account is opened, a report is sent to Schufa, which is standard and therefore common. But why do banks and financial institutions send a Schufa request when applying for an account? How long have the entries been there and how does a current account affect creditworthiness?
Every checking account is important
According to its own information, Schufa has stored data from around 67,7 million Germans, which can be accessed by 9.500 companies. These include banks, telecommunications companies, energy suppliers and companies that are active in stationary or online trading.
The only ones who do not carry out a Schufa query when you want to open an account are online casinos. They even reward you with one 10 euros free Bonus that is often given for registration. You can then play with this without making a deposit. Later for the deposit and the payout of the winnings, however, a checking account or a credit card is required, which is in the name of the player.
To put it in a nutshell: Nothing works these days without a checking account. It is used for wage and salary payments, rent payments, insurance and utility bills, and many other things.
According to its own information, the "Protection Association for General Credit Protection" - Schufa for short - does not collect the data out of pure curiosity, but in the interests of consumers. The Schufa explains that in 2018 a total of 9,2 percent of all persons in the database had at least one negative entry.
The current account and the Schufa
With regard to the current account, it should be said that the bank will deposit the following information with Schufa after the account has been opened:
- Date of entry
- The Bank
- Account Number
- The credit card (if available)
As a rule, this data does not have a negative effect on the Schufa score, provided that there is only one checking account. However, it is not entirely clear whether two accounts that are kept at the same time have a negative impact on the score. The reason is that the Schufa does not disclose the formula for determining the score. This has often been criticized, including by the initiators of the “Open Schufa” project.
After a public appeal, journalists anonymously evaluated the information from around 2.000 consumers. The representative study showed that bank customers who have several current accounts tended to be rated worse by the Schufa than others with regard to the probability of repayment.
The potential use of the overdraft facility could be a possible justification. If a consumer has several accounts, then theoretically several overdrafts are available to him. One bank could have an overdraft facility of 2.000 euros and another of 3.500 euros.
However, the Schufa does not know whether the consumer actually overdraws his accounts. Because the information stated when asked by an online portal that the banks do not report used overdrafts. But if the bank customer does not pay back the credit line by the deadline after two reminders, Schufa will be informed of this. This takes place on the basis of the "due and repeatedly dunned claims". This requirement then leads to a negative entry.
Does Schufa receive information about the account balance?
If the consumer is only now and then in the red, he does not have to fear that a negative entry will be made in the Schufa. According to Schufa, it does not have any information on the account balance and assets of the account holder. However, if there is a long-term overdraft on the account and the overdraft facility is not repaid despite a request from the bank, it must be expected that a negative entry will be made.
Entries about the giro account or giro accounts exist until the account is closed. If the consumer changes bank, the old bank reports that the account has been closed and the new account is entered.
Conclusion on current accounts: less is more when it comes to Schufa
It is not always advisable to have five checking accounts. This statement is even confirmed by the Schufa. The diversity of accounts is interpreted by the Schutzgemeinschaft as inconsistency and is an indication for them that the place of residence has already changed several times, which may make the person more difficult to find later. In addition, there is a risk that the account holder will overdraw not just one, but in extreme cases even several accounts at the same time.
But several credit inquiries are also not a good idea and you can, like several checking accounts, for a Schufa query represent a negative point. The reason is that the financial and credit institutions carry out a query at Schufa and find out about the creditworthiness of the applicant. Every request is stored there and can later lead to a deterioration in creditworthiness. If a bank rejects the loan application for which the loan should not be taken out anyway, the negative entry is still there.