The request for financial products is not limited to just asking for and obtaining the desired amount of money. Many other factors are involved in the decision making of loan companies when they accept or deny a client’s request.
One of those factors is the status of your credit history in a credit information society such as the Credit Bureau. Discover throughout this article how to get the monetary liquidity you want regardless of whether you appear signed as delinquent.
What is the Credit Bureau?
The Credit Bureau is the most important Credit Information Society (SIC) in Mexico. It contains all the financial information of natural persons and companies that have requested a financial product.
That information is used by financial institutions to determine which of the candidates for a loan is eligible because it represents a smart investment. The bureau currently has information, which is updated periodically, of more than 27 million people.
How does the Bureau work?
Being a SIC, the bureau is responsible for storing the financial information of all the people and companies that have had access to a loan. That information includes personal, demographic details, and also about the amount requested, the payment term and whether the fees were met.
All these details are generated from the first moment you apply for the loan, and they remain there for many years. That way companies can verify if as a client you have had a good or bad financial behavior.
Credit Bureau Reports
A credit bureau report is a document granted by this entity where your payment history of the last 24 months is evidenced. It will reflect the payments you have made and the debts you have in force.
My Score reports have a score that determines your status in the Bureau, as a guide we can group them:
- 300 to 549: Low score.
- 550 to 649: Regular score.
- 650 to 699: Good score.
- 700 to 850: Excellent score.
The higher numbers apply to people who have settled their payments and debts in a few days; while the lowest numbers are for those who have accumulated debts for more than 150 days.
How to check Credit Bureau?
To find out if you are in the Credit Bureau, you can check the status of your credit history online for free or pay by reviewing the two reports issued by this entity. One of them is the special report, and the other is the MiScore.
The first report is free the first time you request it every year, then you will have to pay for it, just like the MiScore. It is important that you check your financial reputation before applying for a loan.
How to leave the Bureau?
There are two ways to get out of the bureau. The first is paying your debt, and the second is requesting a prescription of the debt. In the latter you can leave the bureau without paying, but you must remain delinquent for a period of time determined by the amount owed.
Find more details on how to leave the Credit Bureau in March Hare.
Personal loans without checking Bureau
If you need a loan while signed in the bureau, do not worry, there are financial products designed for clients in your position.
There are financial institutions that offer products such as loans with collateral, mini-loans, etc. to people who appear in the bureau. These cases abound, and usually apply to clients with non-financial debts or who are not too high.
Credit cards without Bureau
The credit cards that are generally granted by the banking entities, are not usually available to people registered in the bureau. That is because a negative payment history is seen by the banks as a sign that the customer cannot effectively pay off their debts.
Luckily, people with a bad credit history can now find credit cards granted by private financial entities. In exchange for meeting certain requirements, and usually higher interest rates, you can get the credit card you need.
Offices and telephones of the Credit Bureau
In case you want to check your status at the risk center, file a claim or answer any questions, you can go to the following bureau offices.