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German mortgage fundamentals

What is my SCHUFA score?

You can obtain it freely with all relevant information, and we recommend that you do this. 

But first things first: There is more than one SCHUFA score. Basically, SCHUFA calculates your potential risk of default and translates this into a score for you. The higher your SCHUFA score, the better your solvency. Tips on how to improve your SCHUFA score can be found here

SCHUFA calculates both the so-called "Basisscore" and several industry scores, including those for banks and mortgage businesses.

SCHUFA Basisscore (basic score)

The basic score is recalculated every three months and provides a percentage value between 0 and 100. The SCHUFA basic score is primarily intended for your eyes only. This is the score you get with your self-report. The score expresses the probability of a reliable repayment. A high-value stands for low default risk. With a SCHUFA score of over 97.5, for example, you belong to the group with the lowest risk of default.

SCHUFA industry scores

SCHUFA also creates industry scores. These scores are specially tailored to the needs of different industries, such as the SCHUFA score for mortgage businesses. The industry scores are calculated differently depending on the industry. Unlike the basis score, the SCHUFA mortgage business score is expressed in points. The scale ranges from 0 to 999 points. The higher the score, the lower the default risk for the bank. SCHUFA has introduced rating levels from A to M, with the risk ratio being lowest in level A at 0.17 percent and highest in level M at 20.55 percent. For a mortgage, you usually want a score of A to C. 

If you want to find out how good your score is, you can do it in three different ways:

One way to query your SCHUFA score for free is the data copy according to article 15 of the General Data Protection Regulation ("Datenkopie nach Art. 15 DSGVO"). You can get a free copy of your SCHUFA report here. SCHUFA will then send you a copy of the data by mail. The information includes an overview of all data stored about you at SCHUFA. It also lists which companies wanted to know how creditworthy you are in the last 12 months. This free copy is actually the most detailed and can help you understand how your credit score has evolved. And you get them fairly quickly. Mind you: they are not easy to read. 

A second option is the "SCHUFA-BonitätsAuskunft" (SCHUFA credit report) for a one-time fee of 29.95 euros. You can either order it on the SCHUFA website or print it out at special SCHUFA terminals in Postbank and Volksbank branches. The report has two parts: the SCHUFA certificate and an overview of your personal data stored at SCHUFA and various industry scores.

You can also take out a paid online subscription with SCHUFA. This allows you to view your score and the data stored about you online at any time. The cost of such a subscription is between 3.95 euros and 6.95 euros per month. Frankly, this subscription is rarely worth it.

Reading Tip: These Criteria Affect Your Creditworthiness

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