21 Mar Myths and realities about the credit bureau
The Credit Bureau is a subject surrounded by rumors that are mostly incorrect. Therefore, in Konfío we decided to clarify the myths related to this institution so that you stop thinking it is a “black list” and start using your credit history for your benefit.
If I have a bad rating in the Bureau, I can not request a loan again
Having a bad rating in the Bureau could influence the decision of a bank to grant you a loan, however you can still access some credits. There are financial institutions that can lend you, although with very high interest rates. So that this does not happen to you, it works better to improve your score and get up to date with your payments. Think of the time when you have an economic emergency such as a trip, a medical emergency, among other unforeseen events. It will not be easy to get the money you need immediately.
Anyone can access my personal data that are in the Credit Bureau
You can rest assured all the personal information that the Credit Bureau or Credit Circle has is confidential and is protected. No person or company can access it without your consent.
If I’m in the credit bureau, I’m
The only thing shown in the credit bureau is your history and your financial behavior, if all your payments have been covered on time or if you have delayed them. It is important to keep all your payments up-to-date so as not to have a bad rating and your good image will allow you to have a greater chance of having a bank or institution give you a loan. If you do not know your history, you can download your Special Credit Report for free.
Someone offers me the service to erase my history in the Credit Bureau
There are people who offer to erase your history in exchange for money, it is impossible for someone to be responsible for deleting it, distrust anyone who offers these services. The debts are eliminated depending on the amount and its age.
· 25 UDIS, are eliminated after one year.
· 500 UDIS, are eliminated after two years.
· 1000 UDIS, are eliminated after 6 years.
I advise you to keep your debits current so that in the future you have access to major credit lines and better payment terms. Take this into account, inform yourself and I assure you that your finances and those of your business will improve.
You can also see: 3 tips to get a credit for your business.