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Schufa Germany

Dr. Hans-Jürgen Papier Appointed Ombudsman of Schufa

The former president of the German Constitutional Court, Dr. Hans-Jürgen Papier, has accepted the independent position of Ombudsman at Schufa, one of the leading consumer credit information companies in Germany.   The position became vacant due to the untimely death of Dr. Winfried Hassemer. The position of Ombudsman was established by SCHUFA sometime ago on a voluntary basis.  It is a ... Read More »

New Schufa APP Help Consumers in Search for Living Accommodations

The Schufa (Germany) APP provides information about the environment surrounding a future residence (house, apartment, etc.) without having to visit a particular area. The APP provides information about the social and demographic structure of a selected area.  The information can be filtered and weighted according to specific individual preferences.  It also provides information concerning transport infrastructure, access to medical facilities, ... Read More »

German Supreme Court: Credit Scoring Methods Can Be Protected as Trade Secrets

The German Supreme Court recognizes that the underlying mathematical and statistical calculation method for credit scoring is worth protecting as a trade secret.  Schufa, Germany’s leading credit bureau was sued by a German individual concerning the lack of transparency of its credit scoring methods.  The plaintiff had been denied credit for a car loan.  Schufa had provided the individual with ... Read More »

In Memoriam: Prof. Dr. Dr. h.c. mult. Winfried Hassemer, Ombudsman of Schufa

Schufa mourns the passing of Prof. Dr. Dr. h.c. mult. Winfried Hassemer, who died recently after a serious illness.   Professor Hassemer was the quintessential pivot in the dialog between consumers and Schufa.  During his tenure as Ombudsman of Schufa, Prof. Hassemer worked on over 900 disputes.  As a neutral mediator and highly reputable legal expert he was very effective ... Read More »

EU Commission Workshop: Improving Credit Assessment and Information for SMEs in Europe to Facilitate Access to Finance for SME

The EU Commission had invited a diverse group of experts ranging from credit rating, credit information, banking, alternate finance, and capital market participants to discuss whether regulating credit scoring would facilitate access to finance for SMEs i.e. as a tool to advance lending. The workshop was well attended indicating intense interest in this topic.  There were eight BIIA members at ... Read More »

Financial Literacy: BIIA Member Schufa Publishes New Textbooks for Teachers

“Making Young People Fit in Financial Matters” As part of a new education initiative titled “Business Workshop – Taking Charge of Your Financial Matters”, Schufa published a revised set of teaching materials for teachers.  This latest set of teaching aids provides teachers in Germany with an extensive pool of diverse materials available to realistically integrate the development of financial literacy ... Read More »

The Quote of the Week: Enterprises without a Functional Credit Risk Management Live Dangerously

In a recent interview with the German credit management magazine “Der Kredit Manager”, Dr. Michael Freytag, Chairman of the Schufa* management board, stated that “credit managers hold a relative important position in the decision hierarchy of an enterprise.  In essence credit management and credit information are intertwined as a basis for economic success.  He is fully convinced that Credit Management ... Read More »

Schufa Germany: Research Project Concerning the Mining of Social Media Data Draws Political Flak

According to press reports SCHUFA, Germany’s largest consumer credit information supplier plans to use information it gathers online, including information from individual social media such as Facebook and others, in its analysis of an individual’s creditworthiness.  SCHUFA, plans to use Social Media data to study a person’s relationships in determining how that might affect their ability to pay their bills, ... Read More »

Hellastat Greece Acquires Credit Info Hellas (Alpha Mi)

Hellastat and Credit Info Schufa Group announced that they have successfully concluded the transfer of 100% of shares of Credit Info Hellas to Hellastat. Mr Panos Michalopoulos, Managing Partner of Hellastat and new CEO of Credit Info Hellas stated that “current economic conditions in Greece demands similar entities within an industry to join forces as to provide services of higher ... Read More »

SCHUFA Supervisory Board Fires CEO

SCHUFA, the leading German consumer credit bureau, issued a short statement in July, that it had dismissed its CEO: “Rainer Neumann has left the company with immediate effect.  The reasons behind this decision are irreconcilable positions concerning the strategic direction of the international business of SCHUFA”. Rainer Neumann was hired in 2000 and was instrumental in positioning SCHUFA as one ... Read More »


According to BIIA’s partner PASSWORD, Germany the German Ministry of consumer affairs continues to criticize German suppliers of consumer credit information.   The ministry had ordered a representative study from the Munich based GP Forschungsgruppe (Market Research) which found that 19% of respondents had been denied credit because of faulty data.  The denied requests involved applications for opening of bank accounts, ... Read More »