It is a very common phrase with which we find ourselves as a financial company when they ask us for information about loans. There is a negative belief that being in the Credit Bureau is as if a curse fell on us.
Let’s start by clarifying that the Credit Bureau is NOT a blacklist in which debtors are newsletter. The reality is that from the first moment we apply for a loan, our history begins to register.
Would you lend money to anyone?
The answer is that you would only read to someone you know and trust, or who you have enough information. Then, we can understand the logic that there is an independent institution of the financial, commercial and governmental institutions, which concentrates the credit information referring to the behavior that both natural and moral persons have had regarding their credits.
Appearing in the Credit Bureau is not bad, it’s the history of your credit cards, departmental cards, telephone plans, pay TV, mortgage or automotive credit is concentrated. The way in which you pay your credits and / or the arrears that you have had, are registered here since the financial institutions report your activity every month.
The diagnosis of your credit situation
Just as when you go to the doctor it is necessary to make a diagnosis, the Credit Bureau allows credit granting companies to know how the applicant’s situation is.
All the information found in the Credit Bureau is taken into account, together with the personal information requested and company policies, to determine the risk and to decide whether or not to grant a loan.
Do not believe everything that is said
There are urban myths that the only thing they have achieved is to make people not trust the Credit Bureau.
One of those myths is that the Credit Bureau is the one who approves the requested credits, this is a lie, since the granting institution determines whether or not a credit is approved.
They will no longer give you a credit
Another myth is that being in the Credit Bureau, they will no longer give you a credit. That will depend directly on your credit history, since if it is healthy, you have the possibility of obtaining funding and / or increasing your current line of credit.
Nor do you believe what they say about the confidentiality of people and companies is violated, since not everyone can review the information in the Credit Bureau, because it cannot be consulted without prior authorization from the person or company.
We recommend that you request your credit report, by law you have the right to make a free application once every 12 months. You can enter the Credit Bureau page here.