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The problem
Whether you are renting out an apartment, or lending money to someone, you are most likely to request a credit report (Bonitätsauskunft) or a public debt record (Betreibungsauszug) from the applicant to check their solvency and payment discipline. Based on the provided information, you would then make a decision.
How can you be sure that the provided document is neither a fake one nor has not been tampered with?
According to a Comparis study (May 2017), 1 in 7 prospective tenants in Switzerland misleads or provides false information when applying for an apartment. The Problem is more acute in big cities where the demand for apartments is way higher than the supply.
The public debt record (“Betreibungsauszug”) is especially prone to forgery. Each city in Switzerland has their own public debt register. A fraudster can move into a new city and leave behind a pile of debt that will not show up in the public debt record, which is issued by his new place of residence. The relevance and significance of a local public debt record is in this case extremely reduced.
Some fraudsters (the so-called “Mietnomaden”) are known to abuse these loopholes. It takes time to evict them and they usually leave the apartments in a very bad condition.
Could landlords or lenders protect themselves from such bad behaviours and prevent the risk of losing a lot of time and money?
What needs to be done
CreditTrust, powered by Certifaction is the perfect answer to their problem.
CreditTrust aggregates credit data from Intrum and CRIF, the two leading Swiss credit bureaus. It then consolidates this data in a credit certificate which is secured on the Ethereum blockchain. The certificate is now tamper-proof. Its authenticity and integrity can also be verified instantly.
CreditTrust allows applicants to quickly order and download their personal credit certificate online. The certificate provides compelling information on their payment discipline (“Zahlungsmoral”) based on the data provided by Intrum and CRIF. By verifying its authenticity online, lenders and landlords can be reassured that they are not dealing with a fraudster.
In essence, the CreditTrust certificate has several major advantages compared to the traditional public debt record:
Benefits
CreditTrust, powered by Certifaction, provides a number of benefits to the entire ecosystem, creating trust in a digital world and increasing efficiency.
Landlords and lenders protect themselves from getting stuck with a tenant who does not pay rent on time, or at all. They are able to verify in seconds whether an applicant’s credit report is authentic.
Tenants and borrowers can protect their integrity by supporting their claim with solid confirmation from the two leading credit bureaux in Switzerland. They can order the certificate online, which is much more convenient than physically going to their local public debt register (“Betreibungsregister”).
