The credit bureau is an entity that forms reports about people’s credit history, including information related to the behavior of mortgage or car loans, credit card accounts or basic services such as electricity or water, among others. The information that is generated is confidential unless someone requests it, but it is important to know the consequences and measures that you can take to prevent being in the bureau.
Being in the bureau can be a cause of stress and it is necessary to have a good credit history in situations that require applying for a loan, but being in the bureau is not necessarily bad. To avoid being in this situation
This has some consequences that you can avoid by following the following points:
-Payment history
This requires paying on time and not exceeding the use of the minimum payment, so that credit grantors have a good track record and consider that granting credit is not risky.
-Antiquity and use
Use your cards to generate a history so that banks can analyze behavior.
-Do not abuse the limit
Do not have debts that you cannot pay and pay in the appropriate time periods.
Some of the consequences that not complying with this may have are:
-Stagnant heritage
A bad history can result in you not being granted credit for assets such as a house or a car.
-No more cards or loans
Your history shows if you are responsible with the payments, therefore it may depend on this that you are not granted credit cards or loans.
-Loss of property
Financial institutions request a guarantee when they give you the loan. If you do not cancel your debts, the financial entities to which you owe them can enforce the guarantee.
Being in the bureau is not a totally determining factor for a loan or financing, but it is a factor that has enough weight for these decisions. Likewise, there are situations in which financial companies may be aware that being in the credit bureau It is not necessarily a negative thing. Still, it’s best to take steps to avoid finding yourself in this situation.