How to check if I am in a credit bureau? It is important that you understand the usefulness of that information and how you can improve your credit history if necessary.
The Credit Bureau is a financial institution that is responsible for storing, managing and delivering all the information related to your credit behavior (once you have contracted any financial product or service: telephone service, credit card, personal loan, mortgage or automotive credit).
It is also called by Banxico and the National Securities Commission (CNVB) as a Credit Information Society (SIC). Then, beyond knowing: How to check if I am in a credit bureau? It is important that you understand the usefulness of that information and how you can improve your credit history if necessary.
What would you prefer?
The Credit Bureau has named this history as a Special Credit Report, you have the right to request it (free of charge) once a year. The report shows a list of payments (punctual and with delays) of all your credit products and services. Due to ignorance, many people think that being on a credit bureau is a negative thing, however, in the case of fulfilling your payments on time, the history represents an endorsement of your good credit behavior.
In that sense, it is important to maintain a credit administration that allows you to have a good track record. This greatly improves the chances of getting new loans with better conditions (extend the credit limit, reduce the interest rate and the total annual cost).
Steps to follow to request the free special credit report
To request the credit report it is necessary to have at hand the information of all your credits (account statement cards, mortgage and/or automotive credit number). Next, the most used means to do it are described:
Online: go to the Credit Bureau page (section “Consumer Products” – “Special Credit Report”). It allows you in 4 simple steps to make the corresponding request: 1. Authorize the consultation of your history according to the current law, 2. Enter your personal information, 3. Credit information and 4. Confirmation.
You can also choose to request your credit score (it costs $ 58), it is the summary of your credit behavior related to a number. The score ranges from 400 to 850 points and is related to your personal information (occupation, income level, employment history, marital status, age, including the payment of monthly commitments such as income, tuition, services, etc.). To the extent that you have a stable income, make your payments on time (avoiding minimum payments) you can increase the score.
Which companies offer a special credit report in Mexico?
Just as Credit Bureau allows you to know your credit history, the SIC Circle of Credit (Credit Information Society) also offers a special credit report for free. You can also request it for free online once every 12 months, as well as the “Qualify” service for $ 50. It is a score (score from 300 to 850) that summarizes your credit history information. Good Finance uses an analysis model that calculates the possibility of default in the next 24 months.
If I pay on time, are my negative records removed in the bureau?
The information shown in the special credit report includes a payment history section. This history shows the timeliness of your payments in the last 24 months, showing that you are catching up on the commitments. Regarding the registration of loans with debts, they have a period of elimination established by the Law to Regulate Credit Information Companies and based on the amount due:
If the amount equals 25 USD ($ 113), the registration is deleted after one year, for 500 USD ($ 2,260) after two years and for 1000 USD ($ 4,520) after 4 years. Although the registration may take some time, financial institutions verify the credit bureau to analyze your recent credit behavior.