If you have thought about obtaining a mortgage, financing a car or processing a bank card, then you are interested to know how the credit bureau works, since the information available about you in this portal can be an important factor to obtain a credit.
The Credit Bureau is a private institution dedicated to collect, manage and provide information on the positive or negative credit behavior of people and companies that have obtained a bank loan or service contract such as telephony or pay television. So in reality, if you are a person fulfilled your report is favorable and this will give confidence to financial institutions to grant you the loan you are requesting. If you do not have a credit history, it is advisable to request a card or credit from a department store, as it is an important precedent that some institution has confidence in your ability to pay.
All persons and companies that have been entitled to a loan will appear on the bureau, which does not necessarily mean that it is bad. If you comply, your report will be favorable, if you fall behind or do not pay, there is, for example, inside the special report, which is more detailed, different catalogs ranging from number one to nine, and from a green color to a color red, as the case may be. The bureau reports how long you took to pay the loan, how many times you fell behind and for how long, if you complied and even if you stopped paying or resorted to an arrangement with the institution that granted you some credit. With this information, financial institutions determine the level of risk involved in granting you a loan.
The credit bureau is not a tool that ensures the obtaining of a loan, but rather a guide used by banks or financing companies and these according to their policies and the information obtained in your credit report will decide if they grant you a loan or not.
It is advisable to access the bureau’s report at least every six months. The credit bureau offers two types of highly useful reports. The first one called My Score allows you to know the summary of your credit behavior in a single number. The second called Special Credit Report allows you to know the detail of the credits you have had and your payment history, as well as to know which companies have consulted your history. Sometimes, there may be errors in the reports or outdated information, because the institutions can provide wrong information about the reported credit. It is therefore important to check your report from time to time and advise if there is any incongruity, because this could affect some procedure to obtain the credit you are looking for.
A summary of credits and your behavior appears paying them. The green dove is a fact in your favor, while the yellow exclamation mark or the red cross indicate that you fell behind or failed and even your credit was reported as not recovered.
It is important that you know that the credit bureau has a strict protocol in the handling of personal information of those who are part of the database, both of individuals and companies,