You can obtain it freely with all relevant information, and we recommend that you do this.
But first things first: There is more than one SCHUFA score. Basically, SCHUFA calculates your potential risk of default and translates this into a score for you. The higher your SCHUFA score, the better your solvency. Tips on how to improve your SCHUFA score can be found here.
SCHUFA calculates both the so-called "Basisscore" and several industry scores, including those for banks and mortgage businesses.
SCHUFA Basisscore (basic score)
The basic score is recalculated every three months and provides a percentage value between 0 and 100. The SCHUFA basic score is primarily intended for your eyes only. This is the score you get with your self-report. The score expresses the probability of a reliable repayment. A high-value stands for low default risk. With a SCHUFA score of over 97.5, for example, you belong to the group with the lowest risk of default.
SCHUFA industry scores
SCHUFA also creates industry scores. These scores are specially tailored to the needs of different industries, such as the SCHUFA score for mortgage businesses. The industry scores are calculated differently depending on the industry. Unlike the basis score, the SCHUFA mortgage business score is expressed in points. The scale ranges from 0 to 999 points. The higher the score, the lower the default risk for the bank. SCHUFA has introduced rating levels from A to M, with the risk ratio being lowest in level A at 0.17 percent and highest in level M at 20.55 percent. For a mortgage, you usually want a score of A to C.
If you want to find out how good your score is, you can do it in three different ways:
One way to query your SCHUFA score for free is the data copy according to article 15 of the General Data Protection Regulation ("Datenkopie nach Art. 15 DSGVO"). You can get a free copy of your SCHUFA report here. SCHUFA will then send you a copy of the data by mail. The information includes an overview of all data stored about you at SCHUFA. It also lists which companies wanted to know how creditworthy you are in the last 12 months. This free copy is actually the most detailed and can help you understand how your credit score has evolved. And you get them fairly quickly. Mind you: they are not easy to read.
A second option is the "SCHUFA-BonitätsAuskunft" (SCHUFA credit report) for a one-time fee of 29.95 euros. You can either order it on the SCHUFA website or print it out at special SCHUFA terminals in Postbank and Volksbank branches. The report has two parts: the SCHUFA certificate and an overview of your personal data stored at SCHUFA and various industry scores.
You can also take out a paid online subscription with SCHUFA. This allows you to view your score and the data stored about you online at any time. The cost of such a subscription is between 3.95 euros and 6.95 euros per month. Frankly, this subscription is rarely worth it.
Reading Tip: These Criteria Affect Your Creditworthiness
FAQs
You can obtain it freely with all relevant information, and we recommend that you do this. But first things first: There is more than one SCHUFA score. Basically, SCHUFA calculates your potential risk of default and translates this into a score for you. The higher your SCHUFA score, the better your solvency.
How can I check my SCHUFA score? ›
Check your SCHUFA basic score online free of charge
- 1st credit report in seven days by post: the free data copy. ...
- quick & digital credit report: test mySCHUFA compact for four weeks free of charge. ...
- credit report via app: the basic score will soon be available from bonify.
We speak of a good basic score from 95%. However, each provider assesses for themselves whether and under what conditions they want to conclude a transaction with you. And they often use their own data to do so.
How is the SCHUFA score calculated? ›
SCHUFA collects data of your financial history – your unpaid bills, credit cards, loans, fines and court judgments – and uses this information to calculate your SCHUFA score. Companies pay to check your SCHUFA score when you apply for a credit card, a new phone or Internet contract.
How can I get my SCHUFA report for free? ›
To get the free schufa report, go to the Schufa data copy page on the meineschufa website and enter your personal information and submit the form.
Is SCHUFA the same as credit score? ›
Schufa calculates your credit score using information from your financial histories, such as missed payments, credit cards, loans, fines, and court judgements.
How long does it take to get your SCHUFA score? ›
You will usually receive your Schufa report after one to two weeks by post. If you need your report faster, you will have to apply for a paid Schufa report.
How do I clear my SCHUFA score? ›
How can I improve my SCHUFA score?
- Repay your credit loans and close them. ...
- Delete incorrect SCHUFA entries. ...
- Cancel unnecessary (German) credit cards. ...
- Cancel bank accounts you don't need. ...
- Cancel unnecessary and outdated contracts. ...
- Consolidate small loans.
The negative entries and the free SCHUFA basic score are updated on a quarterly basis. All you need to do is register with the BaFin-licensed financial services provider Forteil GmbH. This is done via the bonify app.
Can I get a SCHUFA from a bank? ›
You can get a Schufa in person from a partner bank. Go to the bank and ask for a SCHUFA-Bonitätsauskunft.
For foreigners, the issuance of a SCHUFA report is usually only possible if you have already lived in Germany for some time and have a German bank account. If this is the case, you will need some other proof of your financial reliability.
What is the English of SCHUFA? ›
Schufa Holding AG (German: Schutzgemeinschaft für allgemeine Kreditsicherung; English: General Credit Protection Agency), proper spelling SCHUFA, is a German private credit bureau supported by creditors.
How important is SCHUFA? ›
Our SCHUFA score is particularly relevant for us when we want to buy things, plan larger purchases and do not want to pay in advance, but rather conveniently on account, by credit card or with installment financing.
Can a foreigner get a SCHUFA score? ›
The Schufa score does not depend on your income, only on your behavior! For foreigners, the issuance of a SCHUFA report is usually only possible if you have already lived in Germany for some time and have a German bank account. If this is the case, you will need some other proof of your financial reliability.
How can I clear my SCHUFA score? ›
How can I improve my SCHUFA score?
- Repay your credit loans and close them. ...
- Delete incorrect SCHUFA entries. ...
- Cancel unnecessary (German) credit cards. ...
- Cancel bank accounts you don't need. ...
- Cancel unnecessary and outdated contracts. ...
- Consolidate small loans.
