Condusef’s National Financial Education Week recently concluded, the most important event of its kind in Mexico. Here are the questions I received most frequently.
1. Why am I in the Credit Bureau?
Because at some point you requested or had a loan. We will all be in the Credit Bureau from the moment we request a loan. If the credit grantor decides to provide financing, he or she will update the credit information and your payment behavior at least once a month.
2. I can’t get a loan, what can I do?
At the outset, you must know that all credit grantors have their own business and risk criteria. Therefore, not all profiles will be attractive to you. To improve the chances of obtaining credit, you must have the ability to pay, a good Credit Report that shows responsible use and payment of current commitments, and have the highest possible Mi Score since this indicates that the person is low risk and that there is a high probability that it will pay well for what you are requesting. If you don’t get a loan in a place, wait one or two weeks before borrowing again so that many inquiries to the Credit Report are not generated in a short period of time.
3. I had a debt, I already paid it but I’m still in the Credit Bureau, why?
Because when you pay, close a loan or make some other transaction, the Credit Report is updated within 10 calendar days at the latest to show the change. When a credit is closed, then Credit Bureau includes the estimated elimination date in the “Credit Summary” section within the Special Credit Report. If you paid, but the credit is still active, continue paying well (at least the minimum and on time) to have more positive payment records.
4. What credit card do you recommend?
All credit cards are mainly used for the same thing: to pay. But they are all different in their terms, conditions, costs, plus loyalty plans and other promotions and attributes they offer. Therefore, all cards are good; especially if we budget well to pay at least the minimum so as not to generate interest or to be total. Having said this and understanding that the credit card is a payment method and not to live off of it, the next thing is to consider the credit limit and the attributes of the card to choose the one that best suits our needs and budget.
5. Can they remove me from the Credit Bureau?
No. Whoever offers it to you is a fraudster. You will lose the money you have given him. Furthermore, being in the Credit Bureau is convenient for you; Be organized with your finances to always comply with your credit obligations and the Credit Report will help you obtain the best credits. It is easier to give credit to someone who is in the Credit Bureau than to someone who does not have a record and is, therefore, a complete stranger.
6. How can I improve my Credit Report and my risk score My Score?
Request your Special Credit Report along with your My Score at www.burodecredito.com.mx. The Mi Score will give you advice on how to improve it or, if you prefer, on the same website request the free Your Advisor service that tells you how to improve your Credit Report in order to raise your Mi Score level. In order to use Your Advisor you will first need to have your Special Credit Report.
Editor’s note: This text belongs to our Opinion section and reflects only the author’s view, not necessarily the point of view of High Level.
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