2023-12-02 17:16:24
Do you want to buy a house or have that car you’ve been saving for? Financing is one of the most common methods in Mexico to acquire goods. In that sense, one of the requirements is to have a good history in the Credit Bureau.
The Credit Bureau score, also known as My Score, is a figure that summarizes your credit behavior.
This is a scale that ranges from 449 points (not satisfactory) to 775 points (excellent) and can significantly influence the approval of a loan.
In order for you to know how to check your score in the Credit Bureau, how to improve your score and be closer to having your credit applications accepted, here we will explain what you should know and do.
We will also provide you with tips to consult and review your credit history for free and safely.
How to understand your Special Credit Report?
The Special Credit Report (REC) is one of the most important points. This report is a detailed description of your credit history.
All the credits you have had will appear there, from credit cards to mortgage loans, and how you have managed those credits. But how to read and understand it?
The REC is divided into several sections. The most important ones are:
Identification: Contains your personal data, such as name and address.Credits: Shows the details of each of your credits.Payment history: Here you can see if you meet your financial commitments on time or if you have had delays.
Correctly understanding this report is key to knowing how to improve your Credit Bureau score and be considered a reliable client by financial institutions.
Factors that influence your grade
There are several factors that can impact your score in the Credit Bureau. Among the most relevant are:
Payment history: The way you manage your credits, that is, whether you make your payments on time and keep your accounts in order. Debt levels: Having a balanced debt level can improve your Score. If your personal finances show high debt levels, they can negatively affect your rating. Experience in the use of credit: Gaining experience in the use of credit can allow you to improve your Score. Amount of the last payment and delays: The data it takes The Credit Bureau’s considerations include the payment methods, the time at which it is paid, the delays, and the amounts of the last payment.
It is crucial to understand that the score is dynamic, meaning it can vary based on these factors.
How do I know my Credit Bureau Score?
To check your credit history, you can access the official site of the Credit Bureau. There is also the option to download the Credit Bureau application on your cell phone or tablet and register to obtain your report.
Another option to check your credit history is to request your report by phone, calling 555449-4954 or 800-640-7920. The opening hours are Monday to Friday from 8:00 a.m. to 9:00 p.m., while on Saturdays the service is from 9:00 a.m. to 2:00 p.m.
People who choose the online consultation option will need personal data and credit information to validate their identity. In the case of the telephone consultation, you must have the credit card information, the automobile or mortgage loan and an official identification on hand.
In addition, it is necessary that you authorize the Credit Bureau to consult your history as established in articles 13 and 28 of the Law to Regulate Information Companies.
How is the score calculated in the Credit Bureau?
The Score calculation is based on a probabilistic model that evaluates multiple factors that reflect your credit behavior. These factors are:
Payment history: Timeliness in your payments is essential. A history of timely payments can help improve your score. Age and usage of credit: The age of your accounts and how you use them influence your score. Responsible long-term credit management can increase your score.Number of inquiries: Every time you apply for credit, an inquiry is made to your history. Many inquiries in a short period can negatively affect your score.Managing multiple credits: Managing several types of credit (cards, personal loans, mortgages) can be beneficial if they are all managed correctly, that is, if they have timely payments.Use of the Credit limit: Keeping your credit card balance below the limit also helps improve your score.
It’s not just credit history: Additional services from the Credit Bureau
In addition to offering information about your credit history, the Credit Bureau provides a series of additional services that can help you improve your score. One of these is the Score consultation service, which costs 58 pesos and allows you to know your current score and understand how it is composed.
It also offers free advice to interpret your special credit report and your Score. This service can be very useful to understand the factors that are affecting your score and how to improve it.
In addition, the Credit Bureau has tools and solutions against fraud and identity theft, which will allow you to keep your information secure and avoid problems that could negatively affect your score.
Remember that good management of your credits and proper use of these services will help you improve your score and increase the chances of your credit application being accepted.
Tips to improve your Credit Bureau Score
Improving your Credit Bureau Score is possible if you follow the following key tips.
1. Timely payment: This is the most relevant factor for your qualification. Keep your payments up to date, avoiding delays and fines.
2. Avoid getting into debt beyond your means: Before acquiring new credit, consider your income and your fixed expenses.
3. Check your score moderately: Each query can be interpreted as an attempt to apply for credit.
4. Keep your lines of credit open: A greater amount of available credit can improve your Score.
5. Avoid mistakes: Paying late or having outstanding debts can lower your score.
6. Make responsible use of your credit cards: Try to pay the full amount of your credit cards monthly.
These tips can help you improve your Score efficiently.
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