Did you know that there are companies in charge of studying and managing your credit information? Have you encountered the dreaded credit bureau? Its main function is to collect all the information related to credit histories.
The credit bureau is a Credit Information Society operated by private companies that send credit information of natural and legal persons to various organizations, among which are financial entities , such as banks, savings and loan companies and credit unions.
Similarly, they provide updated information to department stores and Sofomes or ENR; and they even work together with the SHCP (Ministry of Finance and Public Credit), for which they are authorized, so, as you will see, it is essential to maintain a clean credit record.
Importance of not being in the credit bureau
Anyone who has applied for a loan or some type of financing will ever be listed on the credit bureau. Movements such as paying credit cards, department store cards, mortgage or auto loans, are integrated into this data.
In this system you can see your payments on time, but also those in which you have been delayed, these movements being informed to the bank. In this way, your financial institution can learn about your behavior and responsibility regarding any credit granted.
Some people get a negative response or rejection of loan applications, because they have bad credit histories.
You could be in that same situation, so ideally try to pay all your fees within the estimated time frame and without delays.
Good credit history
It is of great importance, not the fact of not appearing on a credit bureau , but having a high history or ranking. Basically, the purpose of this company is to obtain information and accumulate it within its database, regardless of whether your credit profile is good or bad.
But you will wonder how to repair a credit history, because this is really possible. Do you want to know how? Ideally, keep a high score within the system, which would lead to greater opportunities and financial conditions with the bank.
But it is also possible, for example, if there was an occasion when you incurred in default, repair your credit history and increase your rating within the credit bureau .
Remember that there, the information is not deleted, but is updated. As you fulfill your debts responsibly, your scores or score will improve, which will be taken by the financial institutions as a good move on your part. This means that your effort would be recognized and you would start thinking again about a New loan or credit of any kind. That is why it is important that you consider this question , how to pay my credit card faster.
How to check your status in the credit bureau?
If you want to know your financial status, the first thing you should do is check the credit bureau requesting a free report, where you can view any contracting you have made, from credit cards to pay phone or TV services.
This service can be verified free of charge every 12 months, but you will need to have all your financial products at hand, such as credit cards, essential to verify your identity, in addition to providing personal and credit information.
But how do you know what your credit bureau is ? Is it free or special? First of all, you must deliver the requested information by entering through the website, which includes the following:
- Name (s
- Street and number
- Postal Code
- Delegation or municipality
- Cologne or population
In addition to this, you must provide the credit information system that involves you, which is specified below:
Credit card active or not
- Credit card number
- Credit limit
Automotive or mortgage credit in the last 6 years
- Credit number
How to consult the report of the special credit bureau?
This special report issued by the credit bureau allows you to know in the first place and in more detail, what is the status of your credit history, in addition to knowing who has consulted said history.
It is a more complete and easy to obtain report. You will be able to verify if all the information in this report is updated, in addition to giving you access to a profile called MY ADVISOR, which allows you to interpret your data and answer questions.
But what do you need to consult this report? Then, the minimum requirements that will give you all the information directly from the credit bureau .
- Last statement of your credit card
- Automotive credit number and institution (except for having more than 6 years of settlement).
- Mortgage and institution credit number (except for having more than 6 years of settlement).
What do I do if I am in the credit bureau?
The answer to everyone worried about staying in the credit bureau is the following: “Work to achieve a better credit history and increase your scores or financial score.” The important thing is how to improve your numbers.
This information of your movements remains in the system for 6 years, whether it is companies or individuals, so what to do?
In accordance with the payments you make responsibly and within the stipulated times to your different debts, these amounts will be partially eliminated, reflected in your special credit report, to improve your credit history.
Always remember that it is important to verify your credit bureau to know your credit history . Make sure if you are included in the system or not, and if you have debts with your credit card, it will be essential that you settle them as soon as possible.
How to do it fast? With Good Bank you can settle your debt with your credit card and pay it in convenient installments. You can choose if you prefer in 3, 6 or 12 months.