Switzerland: Credit Repair, access to credit also open to the excluded

An oddity of the current credit assessment system is to assess today's customer on information that is years old”

— Aleo Christopher

LUGANO, SWITERLAND, August 12, 2022 /EINPresswire.com/ -- In an advanced society, access to credit is as much a necessity as access to electricity, gas or water. Businesses and individuals need access to credit to manage temporary emergencies, make investments, and seize opportunities for growth and development. It isn't easy to imagine modern life without the possibility of access to credit. Without credit, several operations considered normal

would be precluded to a population segment. One only has to think of buying a house, or a car, university education expenses, health and dental expenses, home renovations, and one could go on and on. Access to credit has changed everyday life so that it can be said, without fear of contradiction, that it is one of the main differences between the agrarian society and the advanced society in which we live. In other words, it is a fundamental right.

A right that directly relates to equality and equal opportunities between people and the right to do business, concepts of constitutional rank. But this right is denied, in Italy, to many people - how many is unknown as no one has ever seriously studied the phenomenon - who are literally excluded from life from any access to credit and any financial institution. We can call them the 'under credit'.

These are people who have encountered, in their past, problems paying instalments or honouring their contractual commitments. Almost always, they have finished paying their debts with executions and foreclosures. Yet, their names continue to remain in the various databases, often managed by private individuals, which in Italy dispense the label of 'bad payer', a label that, in today's society, is equivalent to a veritable deprivation of personal dignity.
These people," says Aleo Christopher, CEO of the iSwiss Group, "are being deprived of the opportunity to have a second chance in their lives. This is the most disturbing aspect. Access to credit, in fact, makes it possible to make investments and so earn more in the future. Thus, improve one's training and education and search for a better-paid job, increase the comfort of one's life and home to perhaps adapt it to old age. To change, in other words, the gear of one's life,' Aleo concludes.

"An oddity of the current credit assessment system," Aleo explains, "is to assess today's customer on information that is years old. If you had problems repaying a loan five years ago, I am not interested in you - today - as a customer. It sounds absurd, but that is how 95 per cent of the credit assessment in Italy works,' Aleo says.

For this reason, iSwiss, through its iSwiss Credit branch, has launched Credit Repair, i.e. a credit line reserved for users defined as 'bad payers'. When evaluating the disbursement of this type of loan," explains Aleo, "no account will be taken of any reports in databases such as Crif or Banca d'Italia, but the customer will be assessed in the context of today, his current opportunities and possibilities."

Credit Repair will be a product provided by iSwiss Credit, a financial company with EU authorisation to provide consumer credit.