Credit inquiry vs. conditional request

With very few exceptions among online banks, all German credit institutions work with Credit Checker. They have the contracts with their customers entered the Credit Checker database for information. On the other hand, they inspect the Credit Checker database before the contract is signed.

The Credit Checker score shown there is often the decisive basis for or against the conclusion of a contract for an online loan. Banks and savings banks check the Credit Checker score before lending by having the applicant give them the “OK” to view their Credit Checker. At this point, caution is advised from the perspective of the loan seeker. The Credit Checker score is very “sensitive” that almost everything that revolves around the Credit Checker data set of the consumer has a direct impact on the quality, that is, on the percentage level of the score.

Its arithmetical record is 100%. Entries in the Credit Checker about liabilities, such a loan or those from which possible future liabilities can be derived, in most cases have a negative impact on the Credit Checker score. This is moving further and further away from its ideal value of 100%. However, this does not mean that you should no longer take on any liabilities. Because scheduled repayments of liabilities can also have a positive impact on your score because you have shown over time that you were able to service the liability on time.

Credit inquiry vs. conditional request

Credit inquiry vs. conditional request

The loan seeker has a direct influence on how the potential lender obtains credit information from Credit Checker. A distinction is made between the “simple” condition request and the “formal” loan request. When contacting the bank, it must be made clear that this is not a credit request, but a condition request. Like the credit request, this is recorded for information in the Credit Checker data record of the end user, but with two differences:

  • the condition request is not recognizable to anyone outside during the registration period. Nobody sees that more detailed information about a loan has been obtained from a credit institution.
  • The Credit Checker score remains completely unaffected by the condition request, but not by a binding credit request. At the latest when the score is updated regularly, it will have the effect that it will decrease or decrease by a few tenths of a percentage point.
  • Several credit inquiries within a short or short period of time lead to the conclusion that borrowing is intended and has so far been unsuccessful. Behind this, a poor credit rating is suspected.
  • Several condition requests simply indicate that a consumer has looked at several loans. The trend is now towards an average of two credit inquiries (see Credit Checker Credit Compass 2018) before a consumer decides on a loan.

Conclusion: If you compare loans, of course this also applies to the loan comparison of Good Credit, just ask the conditions and the bank therefore only makes a condition request. If you have chosen a lender after a comparison, a loan request will be made. However, you also have a right of withdrawal! If you make use of this, the bank is required to neutralize this entry again.

Effects of credit request and condition request on Credit Checker

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Every access by the bank to the Credit Checker database is entered in the personal Credit Checker of the person concerned. The decisive factor is whether it is just a condition request or a credit request. Querying credit terms has no consequences. Nobody except the person concerned sees the entry and learns about it. Credit inquiries, however, remain visible to outsiders for up to two weeks.

In addition, it can take a year for both inquiries before they are finally deleted in Credit Checker. However, this has nothing to do with how long the credit request is visible or that the condition request is not visible to third parties at all. Effects on the Credit Checker score are always negative, i.e. never positive. The score does not increase and does not remain unchanged, but rather decreases visibly with an increasing number of credit inquiries.

The term “shoe neutral”

The word neutral is derived from the Latin ue-utrum and means neither in German nor balanced or impartial.

In this sense, Credit Checkerneutral means that the respective action, such as a condition request, has no effect on the Credit Checker of the end user concerned. The Credit Checker data set remains unaffected and does not change either way; neither visually for third parties nor in terms of content with the score.

What to do if the loan request is made incorrectly

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Credit Checker is committed to this and also endeavors to keep all data records correct for the end user. If something went wrong with a loan request, there is always the possibility to have this error corrected in writing.

This usually takes two to three weeks. If you have online access to your Credit Checker, you can make the correction in this short way using a prepared contact question form. In this case, a first answer can be expected within 24 hours.

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