25.02.2021 – 01:01
comparis.ch AG
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Press release
Comparis analysis on solvency
In the year of the coronavirus, nationals of Liechtenstein and Switzerland are the most solvent
Men in older age groups with Swiss passports have the best credit rating. This is revealed by a Comparis analysis carried out in collaboration with the customer financial information company CRIF. But in the 26-39 age group, they are overtaken by Chinese nationals. Income is a determining factor: “the more affluent a person, the more advantageous the conditions they will obtain for taking out insurance, a private loan or a mortgage”, explains Michael Kuhn, Consumer Finance expert. at Comparis.
Zurich, February 25, 2021 – With the coronavirus, many households have seen their income drop in 2020 – according to the State Secretariat for Economic Affairs (SECO), more than a million working people have been affected by partial unemployment *. And yet, last year, most Swiss nationals obtained a good or even a very good credit score: 510 points on average, as in 2019. The credit score is an indicator used to measure the capacity of a company. person to repay the credit it requests.
Holders of passports issued by the Principality of Liechtenstein (515 points), Switzerland (511) and Denmark (506) enjoy the highest average credit scores. These are the results of an analysis by comparis.ch, the internet comparator, carried out in collaboration with CRIF, a supplier of credit data. The credit score ranges from 250 (high risk of default) to 610 (very low risk of default). The risk of default falls by 50% every 30 points. From 450 points, it is qualified as weak, and the solvency of good.
The Netherlands and Great Britain are among the states whose nationals have the highest credit scores. The largest foreign communities in the country as a percentage of the Swiss population obtain on average a good or even very good score: the Italians obtain 485 points, the Germans 499, the Portuguese 456 and the French, 483.
A bad score is not without consequences
A good score allows you to benefit from better conditions when taking out insurance, credit or mortgage. Conversely, a bad score is interpreted for companies as a high risk of default, which often results, for loan applicants, in less advantageous conditions.
“A bad credit score impacts many areas of everyday life,” says Michael Kuhn, Consumer Finance expert at Comparis. Because creditworthiness can determine the outcome of a rental apartment request, the monthly limit associated with one’s credit card or even the display of the “Payment on invoice” option when purchasing online.
Creditworthiness improves with age
When analyzing solvency by age group, the Swiss once again hold the upper hand, except in the 26-39 age group, where Chinese nationals score more points. The reasons behind this result could not be identified.
In the 18-25 age group, the Portuguese suffer from the lowest solvency, a place occupied by the Dominicans in the 26-49 age group, as well as by Moroccans, Serbs and Italians among the over 50s. years and seniors (see table).
In general, the older a person, the higher their credit score. Thus, with 540 points, the over 80s in Switzerland enjoy the best score. “This result is unexpected if we consider that one in eight retired people is in a situation of poverty,” recalls the expert. Obviously, most seniors are mindful of their finances and pay their bills on time, even if they have a low income. ”
By way of comparison, the average score of 18-25 year-olds stands at 459 points – just above the threshold of 450 points marking the line between intermediate solvency and good solvency.
Men are ahead of women – but not on all fronts
Until their 49th birthday, women and men have roughly the same average credit score. It is only from the age of 50 that significant differences emerge between the sexes: in the 50-59 age group, men are ahead of women with a score of 504 points against 498.
The analysis also focused on the 5 nationalities with the highest and lowest score. Each time, the men win the most points, with 3 exceptions: the Italians, the Congolese and the Dominicans have better creditworthiness than their male compatriots.
High income often corresponds to high solvency
Analysis of scores by income shows that a comfortable salary often has a corollary of high solvency: the three countries with the highest average score, namely Liechtenstein, Switzerland and Denmark, are also those with the highest average score. highest gross income per capita.
“People with modest incomes are the most likely to pay their bills late, which gets them sued. Their credit score is impacted ”, analyzes Mr. Kuhn. Despite everything, the score is not necessarily correlated with income, “but with the ability to keep control of one’s expenses”. For example, some middle- and high-income people have poor creditworthiness, for example due to payment reminders – and the restrictions that follow on a daily basis. “So knowing your credit score and actively working to improve it is useful,” Kuhn concludes.
* The situation on the labor market, State Secretariat for Economic Affairs (SECO). Lien : https://www.seco.admin.ch/seco/fr/home/Arbeit/Arbeitslosenversicherung/arbeitslosenzahlen.html
What criteria influence the credit score?
The solvency score is measured against various quantifiable socio-demographic criteria. To establish this, financial information companies collect data on payment history, identity and mobility behavior. Their sources are, on the one hand, publicly accessible documents such as the trade register and SOGC publications and, on the other hand, the experience of thousands of companies with payment. It is this information that is then used to calculate a person’s credit score. You can consult your score by contacting financial information companies.
Anyone can request an estimate of their repayment capacity from the Comparis credit information page:www.comparis.ch/bonitaetsauskunft. This examination, established by the financial information company CRIF, indicates his personal solvency to the person who requests it as well as a ranking compared to the rest of the Swiss population. Personal identification, necessary for legal reasons, is simplified by secure digital transmission.
Method
Data from the financial information company on CRIF customers as of 31.01.2021.
Additional link:
Comparis Solvency Information
More information
Michael Kuhn Expert Consumer Finance Téléphone : 044 360 53 91 Courriel : [email protected] comparis.ch
About comparis.ch
With more than 100 million visits per year, comparis.ch is one of the most visited websites in Switzerland. The company compares the prices and services of health funds, insurance companies, banks and telecom operators. It also presents the largest online offer in Switzerland for cars and real estate. With its detailed comparisons and in-depth analyzes, it contributes to more transparency in the market. comparis.ch thus strengthens consumers’ expertise in decision-making. A company founded in 1996 by economist Richard Eisler, comparis.ch now employs around 180 people in Zurich.
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