Easier to prove creditworthiness

Getting a simple creditworthiness certificate has not been cheap until now, if not time-consuming. Itsmydata wants to change that now.

The two founders of Itsmydata: Michael Giese (left) and Alexander Sieverts.

IMore and more often, consumers need credit reports when buying in installments, applying for a loan or renting an apartment. In this case, certified information is usually desired – for providers such as Schufa or the Crif-Bürgel credit agency it is definitely a profitable business, which charge up to around 30 euros for it. Now an internet company is competing with them at a significantly lower price.

The Munich start-up Itsmydata will offer its own certificate from Thursday, with which the creditworthiness can be shown to landlords or a bank. This should be available directly and cost only 6.90 euros. The creation takes a maximum of two minutes.

The certificate is based on the original information from Schufa, Crif-Bürgel, Arvato Infoscore and Boniversum, which are also supplied as an attachment. Itsmydata collects self-reports on behalf of the users, which the credit bureaus have to provide free of charge, but which are not certified and usually represent a collection of data.

You use the rights that result from the General Data Protection Regulation (GDPR), says Alexander Sieverts, founder and managing director. Co-founder Michael Giese says it may be a challenge to make the certificate known. “But the names of the credit bureaus are shown. If necessary, the original information is also included – although most users probably don’t want to disclose so much data as a rule. ”Itsmydata sees itself as a data protection officer. The start-up allows users to access, manage or delete data stored at companies.