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Your credit history: what you should know about it

Blog | News

When you make a credit request to a Swiss bank, their first concern, in general, is to know if you will be able to reimburse your loan or not. In other words, each bank will make sure to check your solvency tendency (if you are punctual and steady with your repayments?) before they grant you a credit. How do banks get all these information? Can you clear your credit history or make it better? Here is some useful piece of information:

ZEK, the credit information center

Everything about credit activities and households solvency is held in a Swiss data center called ZEK. This center collects all past and present information related to personal loans, leasing and credit cards, whether they are positive or negative. What kind of information can banks get from the ZEK when they receive a credit request?

  • All your accepted and denied credit requests.
  • If you regularly paid back your financial commitments.
  • All your ongoing commitments (credit, credit cards, leasing,…) and those made in the past.

History and the bank’s decision

Your repayment’s behavior will influence the bank’s decision a lot when you make a credit request. If your history shows that your have late repayments, several requests at the same time or commitments that are too high, you might get your request denied.

Can you clear your record?

In Switzerland, such data is very controlled and confidential, it is thus impossible to clear your credit history completely. However, by avoiding many bad entries in the ZEK, you could slowly improve your solvency record. What are your options?

  • Always try to avoid cumulating several credit requests at the same time. If your case is denied in a bank, it will also probably be with another one.
  • Get more information about debt consolidation. This solution will give you the possibility to reimburse all your commitments by making one new credit. You could benefit from a better interest rate and reduce late payment risks.
  • Contact a credit specialist. They know very well the banks criteria and based on your credit history, they will be able to maximise your chances of success!

Where to ask for advice?

Do you wish to know more about your credit record and your options in order to improve your ZEK scoring? Do not hesitate to contact an advisor nearby! The specialised agency, PrestaFlex-Services, can offer you a free and complete analyse of your case in no time!