Schufa Expands Digital Access to Consumer Credit Data

German credit agency Schufa now allows users to view stored data and company inquiries via the Bonify app, addressing transparency concerns.

Schufa, Germany's leading credit agency, now offers consumers free digital access to their credit data through the Bonify app, including information on companies that requested their data in the past year.
The app allows users to view stored details on credit cards, bank accounts, loans, and mortgages, with the option to correct inaccuracies directly.
Critics remain concerned that Schufa's 2022 acquisition of Bonify could lead to greater data collection, though Schufa asserts that its data systems remain separate.
Schufa's credit scoring system, based on a scale of 0 to 100, remains a 'black box,' with the exact calculation methods undisclosed to prevent manipulation.
The agency holds data on 68 million individuals in Germany, with its credit scores heavily influencing decisions by banks, utility providers, and retailers.