Use the Credit Bureau In Favor Of Your Business
May 29, 2019
Use the Credit Bureau in your favor
You have probably thought that if you are in a credit bureau you automatically enter a blacklist that you can never leave but it is one of the many myths that exist. The Credit Bureau, like Círculo de Crédito, is a company that records the history of people who have obtained some type of credit, financing or service.
If you have a credit card or a departmental card, you have obtained a loan or hired a telephone line, you already belong to the Bureau. So from there, being or not part of the “black list” is in your hands.
What do I mean? The institutions report your payment behavior to Buró and a history is generated, showing the credits you have, the increase of your line, how you have made your payments and if you have outstanding debts.
Credit Report and Credit Score
The report will allow you to know your credit history, know who has consulted it and you can verify that your information is correct and up to date. You can download it for free once a year, then it has a cost of $ 89 per download.
Your history generates a “credit score” which is a score that will help you access better credits. You can improve it by paying your credits on time, keeping the amount of your debt under control and not acquiring credits that you do not need.
I already told you about what the bureau is and how to consult it, but what happens if you fall behind or do not pay your debts? In addition to that your debt will increase by the interests that are generated, it will be registered in your history and it will be more difficult that you can obtain a credit.
In case you can not pay for any unforeseen event, I advise you to go to the institution to which you owe and try to restructure your debt. It will be better to simply stop paying.
Is a bad history erased?
A credit report will last for a maximum of 6 years and depends on the amount of your debt.
1. Debts less than or equal to 25 UDIS, are eliminated after one year. (Approximately $ 113)
2. Debts greater than 25 UDIS and up to 500 UDIS, are eliminated after two years. (Approximately $ 2,260)
3. Debts greater than 500 UDIS and up to 1000 UDIS, are eliminated after four years. (Approximately $ 4,520)
4. Debts greater than 1000 UDIS, are eliminated after six years as long as: they are less than 400 thousand UDIS, the credit is not in judicial process and / or you have not committed any fraud in your credits. (Approximately 1.7 million pesos)
Can you ask for a credit with us?
At Konfío we check your credit history. If you have a debt that is financially sound you can request your credit. If you do not think so, I recommend that you make your request until you liquidate your debts and do not create a bad history.