Germans view SCHUFA's influence negatively - SCHUFA's transparency initiative fails

Over half of Germans generally perceive the influence of SCHUFA negatively. This was the finding of a recent survey conducted by opinion research institute, Civey, on behalf of selbstauskunft.de. Only 14% have a positive perspective of SCHUFA's influence, compared to 55% 1who view it negatively. SCHUFA's reputation is notably poor amongst individuals in their middle-age phase, between 30 and 39 years old - 71% of respondents in this age-group perceive SCHUFA's image negatively.

Simultaneously, 60% revealed that they deem SCHUFA's methodology for creditworthiness assessment as inappropriate. Compared to March 2023, this proportion has increased by 6 percentage points. Only 16% of participants consider SCHUFA's approach suitable, which represents a decline of 5 percentage points since March 2023.

Frank Drescher, CEO of NLTS Global Analytics, commented, “The results of the current survey underscore the necessity for transparency and fairness in the credit reporting industry. Consumers are eager for a better comprehension of their financial situation. A substantial segment of Germans harbor reservations about SCHUFA and its evaluation methods. But it's pivotal to establish standards for a fairer credit rating assessment and aid consumers in making informed financial decisions. Therefore, SCHUFA must now transform its rhetoric into action. The recent ruling of the European Court of Justice (ECJ) indicates that lawmakers too see the urgent need for action in this area. The fact that SCHUFA “welcomes” this decision is nothing more than PR lip service. The judgement rightly hands a red card to corporations making automated decisions about individuals. It is a death blow to the corresponding B2B product of SCHUFA. To clarify, such automated decisions often stipulate that poorer individuals pay higher energy tariffs, hence more than the affluent. This should gradually come to an end now."

More information and tables: https://selbstauskunft.de/deutsche-sehen-einfluss-der-schufa-negativ-schufa-transparenzoffensive-gescheitert/

NLTS Global Analytics s.r.o.o
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30100 Plzen1
Tschechien

https://selbstauskunft.de

Herr Frank Drescher

info@nlts.eu

About Civey:1 2
Civey is the leading pioneer for real-time digital market and opinion research. We continuouslyo collect and analyze data, combining traditional statistics with Artificial Intelligence (AI). Our representative snapshots and monitoring facilitate a more comprehensive understanding of markets, trends, and positions. Find out more about Civey here.

About selbstauskunft.de:
NLTS Global Analytics is one of the largest providers of legal tech across Europe. With selbstauskunft.de, it becomes straightforward to request your SCHUFA data. The service is designed for individuals who are unable or unwilling to apply independently and prefer a hassle-free service, often including non-native speakers for whom the process of requesting a SCHUFA self-disclosure becomes significantly simplified.

This release was published on openPR.