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How loans improve your private credit

With a loan you can improve your Crediter – that sounds paradoxical, but actually works. However, the prerequisite is that you always pay the agreed installments on time.

When they think of their Crediter information and their Crediter score, many people feel queasy. But not every concern is justified.

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The Crediter collects a lot of data – but which one?

Most consumers know that they are somehow “rated” by the Crediter and that this rating can have a big impact on everyday life. What exactly the Crediter actually does to assess the credit rating is a book with seven seals for most Germans.

The systematic secrecy of Crediter contributes to this. Only a few years ago, it enforced in court that the formula for calculating the Crediter score is a trade secret that may remain protected.

Many people think that the Crediter is a kind of authority with far-reaching powers. In fact, it is a company that deals with information and data. And the Crediter is by no means “infallible” – quite the opposite: almost 50 percent of the data is considered outdated or incorrect.

How does the Crediter score come about?

Although the complete formula for calculating the Crediter score only knows the Crediter itself, a number of factors are known that play a role in the calculation. And this includes, among other things, the payment behavior of credit transactions in the past. This point can be rated neutral, positive or negative.

A neutral assessment results if no loans were taken in the past. The Crediter rating is thus neither improved nor worsened. Negative effects arise when, in the case of previous loans, irregularities such as late-paid installments or the like are incurred. has given.

And now comes the crucial point: Consumers who have repaid one or more loans according to the contract, receive a positive note. It is thus expressly stated that in a credit business, everything went well. This is a positive feature that signals to future lenders: This consumer is reliable, you can safely give him a loan.

So it’s true that here someone who has already taken out a loan has a “better Crediter” than someone who has never had a loan. You can set the course for credit in the future with financing that you receive today (and which you will always be able to serve on time).