Talking about healthy finances is easier than applying it, since not everyone has a good education regarding money, and of course it affects everyday life. For this reason, they propose a law to delete the history of users from the ‘black list’ of the Credit Bureau, but what exactly does it consist of?
The initiative seeks to expedite the process of cleaning credit history within 10 daysTherefore, certain people could ‘get out’ of that bad rating and apply again for a loan or credit.
The deputy of the Movimiento Ciudadano party in Nuevo León, Iraís Reyes, was responsible for proposing the initiative so that more citizens have the opportunity to clean their record, quickly and without so many problems.
The deputy said: “we are presenting a reform to the Law to Regulate the Credit Information Society, that is, the Credit Bureau.”
In addition, Reyes emphasized that having a bad history could prevent the population from “accessing other credits, such as a car loan, a mortgage loan or any other loan. We have all been through difficult times and have had unexpected expenses.”
What happens today with the Credit Bureau?
Currently, depending on the amount of the debt, it is registered on the ‘black list’ from 1 to 6 years. So, the Law proposal indicates that if the person settles the total amount of his debt, he can be released from his bad credit history in only 10 days and not in years.
How long does it take to erase credit history:
- Up to 113 pesos, that record will be deleted after one year
- Between 114 and 2,260 pesos, it will be eliminated after two years
- Between 2,260 and 4,520 pesos, they are eliminated after four years
- Loans with debts greater than 4,520 pesos and up to 1.7 million pesos will be eliminated after completing six years in the Credit Bureau database.
Myths and realities of the Credit Bureau
It must be taken into account that the Credit Bureau is a private company financed by banks and other financial institutions, which is dedicated to receiving, storing and updating the credit information of people and companies that have had or had some type of credit.
In other words, when a client has a good track record, they are more likely to be granted another or for a larger amount, on the contrary, if they have a high debt ratio, they are not.
Another important point is that being in the Credit Bureau is not necessarily bad, it depends on all of the above. All users with a credit, it is normal that you have a record in this institution, the important thing is the qualification: green, yellow or red. Also, if you want to review your situation you can do it, it is not exclusive to banks and here we explain how.
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