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Investigation by ConPolicy
In fact, it was assumed that the adoption of the Consumer Credit Directive into national law in 2010 would facilitate the comparison of credit prices, since the creative power of financial institutions wishing to distribute their products does not always play with open cards. Therefore – because the white goats are always among the white goats – an institute operating in Austria commissioned a study which was carried out in Germany, Belgium, Great Britain and Austria.
Clearly by means of an exemplary substitution example, contain the following standard data: the fixed or variable rate of borrowing and consumer information, which may be included in total credit costs; in the case of a combined fixed and variable borrowing rate, the duration of the fixed rate of borrowing; the entire loan amount; the annual percentage of the load; the total price payable by the consumer and the amount of the installments.
Above all, the annual percentage is significant in that it should include all expenses incurred. Of course, because the cost of borrowing, ie the nominal or borrowed rate, depends on the applicant’s creditworthiness, it is also crucial how one views a “representative creditworthiness”. The effective interest rate was questioned by the authors of the study because it was difficult to control as it often depended on creditworthiness and negotiating ability.
It should be noted, however, that if the effective interest rate is calculated incorrectly, there is no risk for the consumer:
if the effective interest rate is too low, the nominal or borrowed capital interest must be reduced to such an extent that the effective interest rate is correct. Although the annual percentage was often available, its visibility was similar to the other data, so the significance of this value was not apparent.
Particularly disturbing, however, would be the unrealistic, only supposedly “representative” copies, which can assume a higher creditworthiness than conventional borrowers. It can, in contrast to the consumer associations send all offers and also check whether the items mentioned in the display are really repesentative. In this context, the authors of the study also refer to the German and British regulations, according to which the prerequisites for representation are set by law: In Germany two-thirds of customers and in the UK even 51% of customers must be able to the concrete To take out loans on the terms offered.