Schufa entry through P-account

Is a P-account reported to Schufa? Legal situation & justification

Most important knowledge – This is the purpose of the Schufa

Schufa is a credit agency that collects and stores information about the financial situation of consumers and companies. This data is provided by Schufa partners such as banks, credit card companies and telecommunications providers.

Table of Contents – Schufa Regulation 2023/2024

• What is a P-account and what is it used for?
• Can the establishment of a P-account be reported to Schufa?
• What impact does a Schufa entry have on your credit rating?
• How long does the Schufa entry remain after the P-account is deleted?

What is a P-account?

A P-account (garnishment protection account) protects against garnishment and secures a certain amount that can be used for living expenses. There can only be one P-account per person, and setting up such an account is especially important for people with low incomes.

Can the establishment of a P-account be reported to Schufa?

The creation of a P-account is reported to Schufa to ensure that no other P-accounts exist. However, this report has no direct negative impact on the account holder's creditworthiness.

Schufa and creditworthiness – effects of a P-account

Although the mere existence of a P-account does not cause a negative Schufa entry, lenders or landlords could interpret the fact that a P-account exists as a sign of financial difficulties. However, it is important to know that creditworthiness does not depend exclusively on a Schufa entry.

Deletion of the Schufa entry after termination of a P-account

As soon as a P-account is closed or converted back into a normal account, the corresponding entry must be deleted from Schufa within 14 days to one month in accordance with Section 909 Paragraph 2 of the Code of Civil Procedure. If the bank overlooks the report, it is advisable to take action yourself and request deletion.

Reconversion of a P-account

If you no longer need the P-account function , you can request that it be converted back to a normal account. According to Section 850k Paragraph 5 of the Code of Civil Procedure, this can be done at any time with a notice period of 4 business days up to the end of the month.