2023-07-21 00:14:44
We all love to buy new things and the credit card is a commonly used resource to cover these expenses, but using it without responsibility could lead to serious problems, since it could put us on the so-called “black list” of the Credit Bureau.
What is the Credit Bureau?
It is an entity authorized by the Ministry of Finance and Public Credit (SHCP), which generates reports on the credit history of a person or company, which includes information related to their financial activity, that is, if they make their payments on time or if they have debts.
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It is worth mentioning that the information found in the Credit Bureau is confidential; however, it can be consulted by the person concerned and also by any financial entity before granting a credit, a card or a loan. The report can be obtained free of charge, once a year.
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Who is in the Credit Bureau?
In the Credit Bureau are all the people and companies that have acquired a credit or loan. Therefore, it is important that they are up to date with their payments, since that will allow them to obtain others.
Is there a blacklist?
As such, there is no “black list” in the Credit Bureau, but all delinquent persons or institutions, who have not paid their debts or loans, are registered with a negative history before this institution.
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How long does the Credit Bureau take to erase a debt?
The information on unpaid registered credits is eliminated from the Credit Bureau’s database, in different periods, according to the amount of the debt. According to information published on the official portal, the credits disappear in the following period of time:
Less than 25 UDIS, the equivalent of 195 pesos, are eliminated after one year. Between 25 and 500 UDIS, more or less 3,890 pesos, disappear after two years. From 500 to 1,000 UDIS, approximately 7,780 pesos, are eliminated after 4 years.
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These terms begin to run from the first time that the grantor of a credit or loan reported a delay in payments.
While, credits with debts greater than 1,000 UDIS, are eliminated upon reaching 6 years, as long as:
They are less than 400,000 UDIS, more or less 3 million pesos. The credit is not in judicial process. I don’t know if any fraud has been committed with the credits.
The terms have been established by the Law to Regulate Credit Information Companies and by the General Rules, issued by the Bank of Mexico (Banxico).
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