German credit agency earns millions through unlawful customer manipulation
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Re: German credit agency earns millions through unlawful customer manipulation
#2What's the point of a credit agency if they can't get paid for making their reports?
Re: German credit agency earns millions through unlawful customer manipulation
#3What's the point of a credit agency if they can't get paid for making their reports?
They can and do get paid by businesses.
Re: German credit agency earns millions through unlawful customer manipulation
#4They should market validation and non-repudiation services instead of just selling personal data.
The problem is with marketing, not business model.
Re: German credit agency earns millions through unlawful customer manipulation
#5What's the point of a credit agency if they can't get paid for making their reports?
They point of a credit agency is to sell the data about your credit worthiness to OTHERS that are considering giving you a credit so they can make an accurate risk assesment.
Re: German credit agency earns millions through unlawful customer manipulation
#6I don’t know how it’s in other countries, but Schufa is a monopolist and feels like simply paying a tax. You have no choice.
Interestingly, I didn’t need a credit check to rent in Belgium and Denmark.
Re: German credit agency earns millions through unlawful customer manipulation
#7It's high time this issue gets sorted out by the courts and Schufa is finally forced to change their malicious business model.
Re: German credit agency earns millions through unlawful customer manipulation
#8What's the point of a credit agency if they can't get paid for making their reports?
They point of a credit agency is to sell the data about your credit worthiness to OTHERS that are considering giving you a credit so they can make an accurate risk assesment.
That's a distinction without a difference. Whether the renter or the landlord buy the credit report, the renter will pay for it anyway.
Re: German credit agency earns millions through unlawful customer manipulation
#9I don’t know how it’s in other countries, but Schufa is a monopolist and feels like simply paying a tax. You have no choice. Interestingly, I didn’t need a credit check to rent in Belgium and Denmark.
There are 3 other companies in Germany that offer the same service. Schufa is the most well-known one but far from a monopoly.
That said, I agree with you. It needs to go.
Re: German credit agency earns millions through unlawful customer manipulation
#10Earlier quoted context omitted.
They point of a credit agency is to sell the data about your credit worthiness to OTHERS that are considering giving you a credit so they can make an accurate risk assesment.
That's a distinction without a difference. Whether the renter or the landlord buy the credit report, the renter will pay for it anyway.
Well, no. If the applicant is denied they pay nothing.