You have a late payment, a dispute with your bank, a declined credit card, lawsuits, you move often... Everything is considered when determining your credit score.
Computer science. Your best friend and your worst enemy at the same time?
That seems to be the case, doesn't it? Thanks to technology, you can shop online, book a restaurant, organize your travel, make payments, participate in games, invest your savings, and interact with loved ones, colleagues, and complete strangers on a multitude of platforms. The dream!
That's the tails side. The front side is more worrying. The same technology identifies your interests, prioritizes your choices, anticipates your actions, targets the offers you receive, and gathers your data across various platforms to define 'who' you are and how you manage your life.
And what about my creditworthiness?
The big brother of finance is also interested. We talk about technology and data management as part of your private digital journeys. Obviously, the processing of your data as a customer is of central use to any person, bank, company with which you have a financial relationship.
Purchase, leasing, loan, credit, rental lease, credit card... Any initiative on your part often involves a file that is forwarded to the decision-maker of the institution concerned. One of the first steps of the expert in charge of your request will be to check your history as a customer and your creditworthiness.
It's not right or wrong, it's just the way it works today. Your data is traced, collated, and accessible in just a few clicks. Easily, quickly and with relative accuracy.
Depending on the various platforms used to view your creditworthiness, a 'scoring' or rating is established according to various criteria such as a percentage, a color code or a numerical reference.
Who shares my data?
Crif is an online platform that allows you to consult the creditworthiness of companies or private individuals. This database is extremely much in demand, especially by banks, real estate agencies and companies.
We don't think much about it, but this register can also be consulted during a job interview; especially if you work in a so-called high-risk sector such as security, cash-in-transit services, banking, luxury goods etc.
The debt collection office lists all the legal procedures for collections that have been taken by creditors.
The ZEK and IKO are generally more consulted than credit reference companies, but only banking institutions have access to them.
There are about twenty such databases in Switzerland.
Big brother doesn’t forget.
Trusteeship, bankruptcy, credit card blocking, lawsuits, formal notices, credit refusals, unpaid loans... but also the number of moves in a short period of time... Everything is catalogued according to a series of criteria and according to the seriousness of the cases.
Your data is stored and therefore searchable for periods ranging from a few months to decades.
On average, however, you can expect a shelf life ranging from two to five years.
How do you stay in control?
By avoiding payment defaults, by managing your budget as well as possible and, if necessary, by calling on experts who can support you in your efforts.
Anticipatory with the management of your finances covering your daily expenses, responsibly with the management of a project whose financing must be balanced and respectful of your means and in a corrective way if you encounter, despite everything, cash flow problems that have led to a filing as a defaulter.
There is always a solution. Don't hesitate to talk to industry experts.
The last piece of advice doesn't wait. In the event of a lack of liquidity, excess debt, missed maturities... Action is needed. The sooner the better, the better to avoid a downward spiral.
What if my data is wrong?
It can happen. A score that no longer reflects your current reality, a history that has been kept for too long, a real scoring error... These scenarios do exist.
Fortunately, there are organizations that can support you in your efforts and provide the necessary corrective measures so that you are not blocked in your financing, loan or leasing process.
What about my credit application?
It couldn't be easier. Visit our website, use our simulator, talk to your advisor. It's quick, easy, and clear.
Of course, there are no costs for you and this is non-binding.
Going through Milenia is the right reflex for your credit application; we make sure that your creditworthiness is positive and we advise you if this is not the case.
What about Milenia's processing of my data?
Good question!
Milenia complies with the new European Data Protection Regulation (GDPR) and has complied with Swiss consumer credit regulations and the Consumer Credit Act (CCA) since its inception.
The protection of your data is a priority for Milenia and the approach taken to guarantee this is transversal and carried out with all the service providers with whom data exchange is possible.
In addition, this work is carried out in collaboration with external consultants to ensure that this program achieves the required level of quality.
Finally, a register contains the methods of collection of personal data, their storage conditions in relation to the purposes sought, as well as the measures implemented to ensure their security and confidentiality.
At Milenia, investing in technology is a daily reality, but the responsible and secure management of your data is also a priority. Technology can also serve this purpose.
Oh yes, one last thing: if you apply for credit directly from a lender, a possible refusal will be noted in your credit database. All the more reason to choose a financing platform like Milenia that anticipates this step by treating your file with all the quality and benevolence required.
