Personal finance with Kóokay
Just as we must do an annual review of our health, one of the things that we should also review, at least once a year, is what is the situation of our credit health; It is a simple practice that can save us a lot of headaches in the future.
In our country, the financial entities that provide the services of compiling, handling and delivering or sending information related to the credit history of individuals and legal entities are Credit Information Societies (SIC).
These are private companies that require authorization from the Ministry of Finance and Public Credit (SHCP) and the National Banking and Securities Commission (CNBV), which is also in charge of supervising them, to operate.
In Mexico there are 3 Credit Information Companies authorized to operate:
1. Trans Union De Mexico, SA SIC (emerged in 1996).
2. Dun & Bradstreet, SA SIC (emerged in 1998).
3. Círculo de Crédito, SA de CV, SIC (emerged in 2005).
Perhaps those names sound unfamiliar to you and that is because the first two belong to the same group and operate under the commercial name of Buró de Crédito.
Trans Union de México handles the credit history of individuals, while Dun & Bradstreet does the same with legal entities and individuals with business activity.
The Credit Bureau and the Credit Circle are dedicated to the same, only that the latter arose with the intention of providing information on the credit behavior of the unbanked segment of the country, which are people who, although they do not have a credit card bank, they do consume on credit in department stores such as Elektra or Coppel.
Around the Credit Bureau there are many myths, for example: that it is a black list where people appear who do not pay their credits on time, that appearing there is bad, that they are in charge of granting or denying credits, etc.
In reality, all the people who have any credit have a history in the Bureau or in the Credit Circle. These institutions only prepare reports that facilitate decision-making by the credit granting institutions and are not in charge of authorizing or denying a loan.
To review a person’s credit history, credit institutions have to ask the owner of the history for his authorization to make the inquiry and pay the Bureau or the Credit Circle for having access to the credit history.
We can consult our credit history for free once a year in a document called Special Credit Report that is available on the pages www.burodecredito.com.mx and https://www.circulodecredito.com.mx. If we wish to make more than one consultation a year, it is possible by paying a fee of $ 35.60 in the Credit Bureau and of $ 34.20 in the case of the Credit Circle.
The importance of reviewing it at least once a year is that errors in the credit history or fraud attempts can be detected.
If we don’t review our credit history, we can get very unpleasant surprises at the most critical moments. Among some cases that I can mention is that of a person who when applying for a loan was denied for having a bad credit history, when in reality it was not like that, but it was a case of homonymy where the credit histories of two different people.
Another case that I was aware of was a person who had canceled a line of credit and for some reason the cancellation had not been applied, so the person appeared as a delinquent debtor.
The worst thing in these cases is that people find out until the moment they apply for credit that is sometimes urgently required and they find that they are denied because of having a bad credit history. You can request a correction in the credit history, but it is a process that can take up to 29 calendar days.
At least once a year, check your special credit report that shows the detail of your credit history. Check that your general data such as your name, address, RFC, date of birth are correct.
Also check the list of all the credits that you have contracted, there you will be able to see if it is current or if it has any delay. At the end of the history you can find a list of the institutions that have consulted your credit history, verify that they are institutions to which you have granted authorization to do so.
The information about our credit health is at our fingertips, we just have to take a little time to review it because, as the saying goes, “better safe than sorry.” – Mérida, Yucatán.
Professor Anahuac Mayab University. President of the Technical Committee of Social Responsibility of IMEF Yucatán