If a payment default reported to Credit bureau is subsequently canceled by paying the debts, the corresponding entry is retained for up to three years, whereby it is of course marked as done. However, there is a right to immediate deletion if the claim settlement takes place within one month after the entry at Credit bureau.
Furthermore, premature deletion of Credit bureau entries that are also stored in the debtor register of the local court is possible. This rule means that, in contrast to soft entries, hard negative features are removed from the Credit bureau information immediately after completion.
How does a completed Credit bureau entry affect creditworthiness?
In principle, a loan can be taken out sooner than a loan with negative entries that have not yet been completed, despite the fact that the Credit bureau entry has been completed, since the applicant obviously has no outstanding debts. However, the Credit bureau entry marked as done indicates a past failure to pay, which is sufficient for some lenders as sufficient reason for refusing to pay out a loan.
If you want to take out a loan despite the Credit bureau entry being completed, the bank branch has more chances than on the Internet. The reason for this is that the desired fast processing for online loans hardly makes it possible to evaluate special cases, while the bank clerk can take into account all the facts arising from the credit discussion.
The best chances of the loan being paid out despite a completed Credit bureau entry are if the overall financial situation of the lender has changed fundamentally, as when ending long-term unemployment. Another option for borrowing a completed Credit bureau entry is to provide a surety, who must have a clean Credit bureau and sufficient income.
The Swiss loan
In Switzerland, a loan can be taken out in any case despite the Credit bureau entry being completed, since the financial institutions located there are not Credit bureau contractual partners anyway and therefore do not receive any information. A prerequisite for a loan without Credit bureau from Switzerland is, in addition to a fixed employment relationship, a higher minimum income compared to German credit banks.
Furthermore, Swiss banks require the borrower to be between the ages of fifty-five and fifty-eight. Anyone who decides to take out a loan in Switzerland on the basis of the Credit bureau entry completed will receive an amount of up to 3,500 USD from most banks there; few banks approve loans without Credit bureau in the amount of 5000 USD.
There is no particular currency risk since the relevant banks make the loan payment in USD. Since the interest rates for Credit bureau-free loans from Switzerland are higher than for German standard loans, it is advisable to try to get a loan from a German financial institution despite having completed Credit bureau entry before making a corresponding loan application.