1 What is the new SCHUFA score?

The new SCHUFA score assesses the creditworthiness of consumers. It applies across the board to the banking, savings bank, cooperative bank, telecommunications, retail and mail order/e-commerce sectors. With the new score, individuals and companies see the same score for the first time. The new SCHUFA score is the world's first completely transparent score for creditworthiness checks.

2. how is the new score calculated?

The new SCHUFA score has a scale of 100 to 999 points. SCHUFA calculates scores based on the information it has stored. The score is made up of twelve criteria. Each criterion that is included in the new score is given points that can easily be added together and reflect the weightings in the score. Scores are therefore not calculated on the basis of a single piece of information, but only the interaction of the twelve criteria makes them meaningful.

3. why do you need the new score at all?

The score is always important when people want to make a financial decision for themselves. Anyone who wants to take out a loan or open a current account with an overdraft limit goes through a credit check at a bank. Banks use various data for this check, including the SCHUFA score. With the new score and its transparency, people can prepare for this interview differently. As both parties see the same score, people can have a conversation with their bank advisor on an equal footing.

4 Why has SCHUFA introduced the new score?

There are several reasons for this. Firstly, the 3rd generation SCHUFA scores date back to 2016, since when people's consumer behavior has changed. For example, the number of mini loans has risen and more and more comparison platforms are being used. These changes in the market were taken into account when developing the new SCHUFA score. In addition, people in the digitalized society want data sovereignty - in other words, transparency and control over their data. Transparency, traceability and data control are therefore particularly important for the new SCHUFA.

5. why does the new score now have points and not percentages?

SCHUFA has dispensed with percentages for the sake of clarity.A major advantage of the new SCHUFA score is that it is comprehensible for consumers. Each criterion that is included in the score is given points that can be easily recalculated and reflect the weighting in the score.