Credit Bureau not only registers data on gross financial misconduct, but also informs its contractual partners from the banking sector about existing liabilities. In Germany, borrowing is generally reported to Credit Bureau via financial institutions. At the same time, the lender makes a Credit Bureau request before the loan is approved.
The self-employed need credit for business and private purposes; A stringent separation is required so that the tax office recognizes the interest on business borrowing as operating expenses.
Borrowing for the company
If the borrowing is necessary for the company, a Credit Bureau-free loan for the self-employed is not uncommon, since in this case financial institutions often make an inquiry to a credit agency that specializes in operational data, such as Creditreform, because the creditworthiness data stored at Credit Bureau are based on the person and not on one Companies. KfW Bank provides promotional loans for many purposes, for which soft Credit Bureau negative entries do not constitute an obstacle.
Borrowing for private purposes of the self-employed
Most Swiss and Liechtenstein financial institutions limit their customers to lending to employees with a fixed income and reject the self-employed because their income fluctuates within a year. At a few financial institutions in Switzerland and Liechtenstein, a Credit Bureau-free loan is also available for the self-employed, provided that they have been in business for at least three years and achieve a sufficient annual profit. The credit amount for directly applied for Credit Bureaufree loans for self-employed is limited to 3500 dollars, the payment is made as well as the subsequent repayment in the currency dollars.
A Credit Bureau-free loan for the self-employed over a higher loan amount can be taken out by the loan seeker commissioning a brokerage. He pays attention to the seriousness of the credit intermediary, which can be recognized from the fact that he only charges a success commission and no upfront costs. Since the interest rate on a Credit Bureau-free Swiss loan for the self-employed is higher than for most loans from a German financial institution, there is a demand for a conventional loan if there is a single soft negative entry.
A negative characteristic does not always lead to a loan refusal if the applicant can provide credible evidence that his financial situation has improved. In addition, the chances of a Credit Bureau-free loan for the self-employed can be increased by borrowing together with a permanent second person.