Number of credit inquiries

No, they do not exist!

You must agree to every inquiry at Schufa in some form. Whether it is a credit inquiry or a credit condition inquiry. However, there are banks that completely waive Schufa for an initial consultation. And there are banks to whom the Schufa score doesn’t matter at all, as long as there are no KO criteria like EV or SD. They base the financing entirely on income, impression, and security.

Most reputable banks nowadays also focus on making the correct inquiry.

If someone fails to do so, they should be reprimanded immediately and asked to correct it promptly.

There is plenty of material on the internet about it. The topic has been known for years.

OK. What do you mean by EV or SD?

The broker should be paid by the bank.

You can't be serious?! The broker is always paid by you. Either directly or through the bank (which charges you again).

Pearl Man

He means the financing broker (intermediary). Yes, he is usually paid by the financing bank. If a customer adds something themselves, it is their own fault.

Are you serious?! The broker is always paid by you. Either directly or through the bank (which in turn charges you)

The point is that the information sheet, which you have to sign, states that the broker receives a fee of xxxx.xx euros and that this is paid by the financing credit institution. I don't care if the amount is somehow hidden in the conditions, as long as the condition WITH broker is 0.5% lower than WITHOUT broker, as it was in our case.

What matters is that the form does NOT state that the CUSTOMER pays the broker, because then the broker might also demand payment if the financing does not go through, for "intermediation efforts." This was read in the terms and conditions of a financial broker on the internet. And even if the brokerage is successful, as a customer you don't want to pay an additional 1200 euros (for example) when it can be done differently.

I specifically wrote about the "independent" financial intermediaries - not the banks themselves.
Otherwise, I would be questioning my own work (compliance).

Of course, German banks still have documentation obligations, MiFID, code of conduct, the advisory form, etc. pp.

For independent financial advisors, regulations are not yet as strict. Moreover – no plaintiff, no judge. Or does the average customer know when concluding an insurance whether they actually got the top-rated product according to their criteria or just the fourth best? The broker (financial advisor) knows, and can then possibly easily pull a better one out of the hat later = new commission income.
In general, however, it should be said: I do not want to put all financial brokers in one basket here. We also concluded through a financial broker. You just have to be aware of the "conflict of interest" of this financial broker and decide for yourself whether it is okay. For me, it was okay that the financial advisor earns money through his performance.

Incidentally, it is legally regulated that fee-based advisors are not allowed to take commissions from banks and insurers.