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by freeflight
3207 days ago
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> I don’t really get that - doesn’t it mean that the person who took a loan is relatively responsible and was able to pay their loan back on time? That's probably the reason why it would increase one's credit rating in a positive way. I have no doubts about these systems being broken in such a way that they consider people who take on credit, paying it back in time, as more "credit-worthy" than people who never needed/wanted to take up a loan. A bank obviously wouldn't want to miss out on the first group of people, why they couldn't care less about the second group of people from which they make no money in the form of interest. It's also interesting how these kinds of rating systems seem to be "broken" all over the world. In Germany there is "Schufa", which is not a bank but basically a private company with a de-facto monopoly position in regards to credit ratings in Germany and they are quite infamous for mixing up people and thus giving them a negative rating, often without the people noticing until it's too late and their negative credit check denied them access to a rented flat/credit whatever, after which it's their responsibility to get in touch with Schufa to clear up their misidentification. |
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Just for anyone from Germany reading: There are multiple, less well known agencies that are used by banks and others as well. They are definitely worth keeping an eye on. I will only mention Creditreform Boniversum, Arvato Infoscore, and Bürgel.