What is the credit bureau?
The Credit Bureau is one of the so-called credit information companies. The other is the Círculo de Crédito, Joel Cortés, CEO of the credit card comparator Kardmatch, explained to Expansión.
They are private institutions that consolidate and share information related to the credits of individuals and companies, so that financial institutions decide whether to grant them new credits, he explained.
Why do you appear in the credit bureau?
Any person who has had a bank or departmental card, car or mortgage loan; Even if you had a cell phone rate plan, it is in the Bureau.
“Being in it doesn’t necessarily have to be bad”, highlighted Carlos Arias, communication director of Aptuno.mx.
The Bureau has credit information such as the credits you are paying, the punctuality to pay, if people are total, as well as if they have had problems paying or have stopped paying any financing.
The higher the qualification, a person has greater access to financing and with better conditions, the specialists agreed.
“The credit score measures the probability that you will stop paying a loan, the higher the score, the lower the probability. This score increases with positive signals that grantors can see in your information in the bureau”, said Joel Cortés.
Can I request a loan if I have a bad record in the bureau?
Banks and traditional financial institutions do not offer financing to a person or company that has a bad record or lacks a credit history.
“Kardmatch recommends distrusting this type of offer, since it is usually scams that at some point in the process ask users to make deposits as commissions for opening in exchange for receiving the credit,” Cortés warned.
However, fintechs, in an attempt to serve this niche, are offering financing without checking the credit bureau. But that does not mean that they lend blindly; they have other financial aspects to take into account to lend.
However, the consulted specialists warn, these types of loans are usually more expensive, because the institutions run a greater risk of not recovering their money.
Through the RFC with homoclave, the fintech corroborate the income of the person requesting a loan, without comparing it with the credit bureau. Hence, it depends on each institution the risk that it wants to assume by granting it.
“In China and in some parts of Europe they are already taking into account the users’ social networks to see if they are creditworthy to know the lifestyle or consumption habits of the users to see if they are creditworthy”, highlighted Carlos Arias from Aptuno.mx.