At the end of October, the National Financial Education Week concluded; the most important event of its kind in Mexico. Here are the five most frequently asked questions.
1. Why do I appear in the Credit Bureau if I have paid well?
Because being in the Credit Bureau is not a punishment. We will all have a Credit Report from the moment you request or obtain credit. If the creditor decides to provide the financing, he or she will update the credit information and your payment behavior at least once a month. So you have to pay on time to have a good report.
2. Are there times that they lend me, but other times not? Why?
This is because all credit grantors have their own business criteria and risk tolerance. Therefore, not all profiles will necessarily be attractive to them. To improve the chances of obtaining a loan, you must have the ability to pay, a good Credit Report that shows responsible use and payment of credit commitments, and an attractive My Score preferably above 650 points; the higher the score, the lower the risk of lending. Do not forget that credit grantors are looking for signs that you are going to pay what you are asking for. If a credit grantor decides not to lend you, that does not mean that others are not interested in you. The recommendation would be to ask for the credit in the second best option, but before doing so, wait one or two weeks so that too many inquiries to the Credit Report are not generated in a short space of time.
3. How do I upload my credit bureau score?
The first step is to request the Special Credit Report along with the My Score at www.burodecredito.com.mx. My Score itself will give you advice on how to improve it or, if you prefer, on the same website you can request the free service Tu Asesor that tells you how to improve your Credit Report in order to raise your My Score level.
4. If a person dies, what happens to their debt and their Credit Report?
The recommendation is to take the original death certificate or notarized copy together with the official identification of the deceased to the credit grantors so that they take note and report the fact to the Credit Bureau. If the deceased is solely responsible for the credit, there is no other person who has to pay it. It is then necessary to see the credit contract to validate who or who are the beneficiaries in case there is something to inherit, for example a car or a property in the case of a car or mortgage loan.
5. I want to disappear from the Credit Bureau, how do I do it?
From the outset, it is convenient for you to be in the Credit Bureau. It is easier and cheaper to obtain credit if you have an active Credit Report. If someone offers to delete it, they are a fraudster. You will lose the money and the data of your person that you have given him. If you want to know when a credit will be removed from your report, ask for your Special Credit Report, it’s free once every 12 months. Look for the credit summary section; credits reported as closed will appear there with the estimated date of removal. I would be more interested in making, updating and respecting my budget to always look good with credit grantors.
Editor’s Note: This text belongs to our Opinion section and reflects only the author’s vision, not necessarily the High Level point of view.
MORE NEWS: