Germany’s leading credit score company, SCHUFA, has changed its method for calculating scores.
To create credit reports, SCHUFA Holding AG collects data from over 10.000 companies, including banks, credit card companies, mobile phone providers, insurance companies and utility providers.
As such, from March 16, SCHUFA will employ a new credit score calculation method, which the company says will be “completely transparent”.
Previously, SCHUFA used 250 criteria to calculate people’s credit scores; this will be reduced to just 12 criteria.
In the "data cockpit" on the SCHUFA website, users will be able to see how their score is calculated.