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I just found out that there are some private businesses which collect personal data to rate your creditworthiness just like the credit bureaus in the US. Is this kind of thing legal in Switzerland?
Hi there,
There are 2 official credit bureaus which were commissioned by the Swiss federal government to facilitate the enforcement of the consumer credit law. These are the ZEK and the IKO. These two credit bureaus are only authorized to record information regarding debts owed by individuals residing in Switzerland and whether debts are repaid on time, repaid late or defaulted on. When debts are repaid on time, they are removed from credit records, so borrowing money and then repaying it on time does not build a "positive credit history" as it would at some private credit bureaus. You are entitled to obtain copies of your ZEK and IKO credit histories upon request.
Credit records are also maintained by municipal debt collection offices. Your unpaid debts are recorded in the debt collection register of the municipality in which you reside upon request by your creditors. You may obtain a copy of your debt collection record at any time. Typically, you pay a fee of between 10 and 20 Swiss francs per copy.
In addition to the government-commissioned credit bureaus, a number of private credit bureaus operate legally in Switzerland. These are typically maintained by debt collection service providers. These private credit bureaus are also required by law to provide you with copies of your credit history upon request.
Best regards from Moneyguru
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