1. Creditreform Association
Creditreform is a company with a cooperative structure. The Swiss head office is in St. Gallen. Creditreform has companies in 23 European countries. The services offered include commercial reports and debt collection services.
Creditreform collects and collates business-related data on legal entities and natural persons. In Europe, information on more than 160,000 companies can be retrieved. In Switzerland, data is available on all companies entered in the commercial register. In addition, Creditreform lists a further 15,000 companies that are not registered there. Last but not least, entries on almost 6 million Swiss citizens are available in the Creditreform data pool.
2. Significance of Creditreform data
The data provided by Creditreform are used to check the default risk of an applicant in the context of taking out a loan. Thus, they are of great importance for lending institutions.
Historical data on payment behaviour as well as on economic conditions help to assess whether an applicant is creditworthy. The assessment determines whether and at what conditions the loan will be granted. Thus, creditworthiness data also play an important role for borrowers.
Applicants therefore have an interest in ensuring that the information in the Creditreform database is as positive as possible. A free self-assessment can be used to find out which entries are currently stored. If the entries are no longer current, you should apply to have them deleted from the register. Other negative entries should also be removed if possible, for example by settling outstanding invoices or sending a payment reminder.