Oh my God, every wrong thing that I have to listen to or read about credit bureau … And that exists for almost 30 years … fortunately every time happens; Financial education efforts do.
Even so, as he said, there are still those who cling to affirm or believe things outside of all reality and even the most elementary logic. “What bear I put together; Tragame Earth!” They will say or think when someone who knows correct them.
So to prevent us from being sorry for others when talking about credit information societies, I bring you some basic things that we must all dominate:
The first thing is That the Bureau of Credit is to receive, of all kinds of credit grantors, timely and reliable information about the credits or credit services they have granted. Credit institutions report, at least once a month, what credit they gave to their client and their payment behavior, among other things. From these data, credit bureau builds credit reports and other tools that facilitate access to credit. Yes, everyone wants to lend, they are dedicated to that. It is in one to convince them.
Second, the information which is reported to Bureau of Credit needs to come from as many sources as possible and live in the credit report enough time, as it does today. If so, giving credit would be of greater risk due to lack of information. The risk logically makes things more expensive and you do not want to pay more for your credit or that it is difficult to obtain it, or yes?
Third; Credit Bureau Does not issue recommendations on whether a credit application must be approved or rejected. It is the credit granting companies who evaluate their clients or potential clients and decide- according to their own business and risk tolerance criteria- whether they grant a loan or not, the amount to be provided, and the conditions they can offer.
Room; Credit Bureau It is not a “blacklist” of debtors. We will all be in a credit bureau from the moment we ask for a loan. If the requested credit is obtained, the payment history will reflect month by month if it was paid in a timely manner or if not. It is, then, a mirror of all the accredited decisions.
Fifth; If there is an error In your credit report you can correct it through a claim to credit bureau. Two claims a year are free and there are established response times. The credit granting that reported to Bureau of Credit can also be directly claimed and there are also government institutions that support the accredited for free such as Condusef (financial credits), Profeco (commercial credits) and Prodecon (fiscal credits). You can even enter, at no cost, a declarative in your credit report if you disagree with some information contained within the report.
And one more point, the sixth; Credit Bureau does not make collection. Each credit is done with its own internal or external staff. If you are in economic difficulties that prevent you from adequately paying to your credit grantor immediately to find a payment plan that allows you to pay, preferably, the total of your debt. The faster you take a positive action, the better it will be for your credit report and for your personal finances.
About the author:
Wolfgang Erhardt is a national spokesman for Bureau of Credit, spokesman for the Latin American and Caribbean Association of Burós de Crédito, and author of the book “I want a loan! How to obtain and keep it.”
Twitter: @WolfgangErhardt
LinkedIn: Wolfgang Erhardt
The opinions expressed are only the responsibility of their authors and are completely independent of the position and the editorial line of Forbes Mexico.
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