Infocorp recommends negotiating to lower your credit interest rate | infocorp | Equifax | How to lower credit interest rate | YOUR MONEY

2023-08-22 01:35:48

Lima, 21/08/2023 05:58 p.m. m.

In an increasingly dynamic financial market, getting a low interest rate loan can make a big difference in personal finances. By comparing different credit entities, it is possible to make informed decisions that optimize the cost of the loan and allow better management of financial resources.

In this sense, credit history is one of the key factors that influence the decision of lenders to determine the interest rate they offer. Eduardo Bayer, Country Director of Equifax Peru (formerly Infocorp), recommends the possibility of negotiating with the bank or financial institution. “If you have a good credit history, but you are not satisfied with the rate offered, do not hesitate to negotiate with the lender. Some institutions may be willing to adjust the interest rate if they perceive that you are a reliable and creditworthy client”, he points out.

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It further suggests:

Know your Credit History: Before applying for a loan, it is essential to know your credit history. Obtaining an updated credit report will allow you to understand how lenders will evaluate your financial profile. You can review your report at www.equifax.com.pe, carefully, to identify potential errors or irregularities that could affect your credit score. Improve your credit score: A strong credit score can open doors to better interest rates. To improve your score, make sure you pay your debts on time, keep your credit card balances low, and avoid opening multiple lines of credit in a short period of time. Research and compare different options: Not all financial institutions offer the same interest rates. Research and compare different lenders before making a decision. Check their applicable terms, conditions and rates to choose the most favorable option according to your financial needs. Use guarantees or guarantees: Offering guarantees or guarantees to back the loan can be an effective strategy to obtain a better interest rate. These security measures provide additional confidence to the lender and can help reduce perceived risk, which translates into more favorable terms. Avoid excessive applications: Making multiple loan applications in a short period of time can negatively affect your credit history. Limit your requests to those that you really need and that you consider most appropriate for your financial situation. Opting for the formal option is always the best: Fraudulent lenders can contact you for a supposedly convenient financing agreement. They may say that your credit history is not important. They try to pressure you into accepting more expensive offers on less favorable terms and force you to do so before giving you a chance to research and consider other options. You should know that legal service providers give you time to read the terms of the offer in writing and they want everything to be clear to you.

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