Schufa provides information on all data relevant to creditworthiness via Bonify

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Schufa is now providing consumers with almost all of their individual credit-relevant data digitally via the Bonify financial platform, which the credit agency took over at the end of 2022. Since Tuesday, users can also use the Schufa subsidiary's app to view free of charge which companies have requested data about them in the past 12 months and which contract information is stored. This includes existing credit cards, current accounts and current installment and real estate loans. Previously, this was only possible via the free "data copy" sent by post or for daily updated information via the Schufa subscription products, which start at a monthly cost of EUR 4.95 for the credit report including the daily updated score and end at EUR 9.99 for the premium tariff.

"The final piece of the puzzle"

Andreas Bermig, founder and CEO of Bonify, was pleased to announce that the contract data that can now be viewed and notifications about access to one's own credit rating are the "final piece of the puzzle". The start-up has been working for nine years to help users improve their credit rating. Step by step, – has added more information, also thanks to Schufa's ongoing transparency initiative –, and now "all Schufa data" is available digitally via the app. The highlight is that if the user encounters "discrepancies" in the neutral to positive contract data, for example, they can "click" on the "Report error" button to go to Schufa and "initiate a correction process" via the help portal.

For general use of the Bonify app, registration is required with an ID card using the identification procedure or via a personal bank account. In the second case, consumers first had to consent to the provider "retrieving the account balance and account turnover data for up to twenty-four months". Since August 2023, Bonify has offered what it describes as a "data-saving option" for identification with the bank account. This allows users to log in with just their account number without the fintech startup processing their transaction data.

"Fin fitness check" controversial

In a second step, users are free to share their transaction history with Bonify if they want to be shown an additional score for "financial fitness", for example. Bermig assured: In this case, however, the data would not go to Schufa or other third parties. However, the Bavarian consumer advice center warned that this offer to improve creditworthiness could "tempt many users to recklessly grant access to their account data".

Existing Bonify users must carry out an update to view contract information. The corresponding additional tile will then appear in the app. Anyone who wants to use this service must also identify themselves with the electronic proof of identity (eID) of their ID card. The purpose of this is to "ensure a clear assignment of the data", explains Schufa. All ID cards issued after 2017 have the relevant option. This requires a personal PIN and a mobile device that is NFC-capable or has a contactless function.

Bonify targets 10 million users by 2030

Bonify users have been able to view their individual basic Schufa score since mid-2023. The credit agency is also working on simplifying the creditworthiness scores. Since the end of January, negative entries can also be viewed there – if they exist. In June, a notification service was launched that allows users to be informed digitally and free of charge via Bonify if a negative entry is stored with the credit agency for the first time or if someone slips into the negative range again. The biggest difference, apart from the price, is that the data is updated quarterly by the subsidiary, whereas the Schufa online subscription is updated daily. The latter also provides information on any changes to negative entries.

According to Bermig, Bonify currently has just over 2 million users, with 70,000 to 80,000 new users joining every month. "We want to grow to 10 million users by 2030," the entrepreneur announced. The Berlin-based company behind Bonify, Forteil, has its own license for credit brokerage, which it may push again later via its marketplace. At the moment, however, the focus is on presenting creditworthiness alongside services such as darknet monitoring via partners ("Ident Protect"). Strangely enough, the app even offers "Schufa-free" digital loans.

(vbr)