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Is there a way to get a loan in Switzerland even if you have a negative netry in a debt collection register or even a bankruptcy? An aquaintance of mine is looking for help with this.
Good day,
In Switzerland, it generally is not possible to get a loan if you have open entries in a debt collection register. You should always wait until all debt collection incidents have been cleared and debts have been settled before you apply for a loan.
You also will not be approved for a loan if your property has been seized to settle debts within the past 2 years. A bankruptcy within the past 5 years will also wipe out your chances of being approved for a loan.
You can request a copy of your debt collection register report from your local debt collection office. Entries in debt collection registers automatically expire after 5 years. Creditors have the right to remove debt collection register entries after debts have been settled, at their own discretion. Asking a former creditor to remove an entry helps you avoid having to wait 5 years until the entry expires before applying for another loan.
Aside from debt collection offices, a number of credit bureaus collect information about borrowers. These include offical credit bureaus (ZEK and IKO) and inofficial credit bureaus (i.e. Intrum Justitia). Because banks refer to credit reports from these bureaus, it is important that you repair your credit history at all major bureaus before you apply for a loan.
Best regards from Moneyguru
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