Mexico City.- Contrary to what is believed about the credit bureaus in Mexico, 90 percent of the data handled by these institutions is positive information about loans paid on time, according to Círculo de Crédito.
Most believe that the bureaus are a “blacklist” of debtors or that they “bulletin” people so that they do not approve a loan, when it is quite the opposite.
The credit bureaus create reports that make it easier for people to obtain a credit or loan in minutes and even digitally, said Juan Manuel Ruiz, CEO of Círculo de Crédito, in the book “Los burós de crédito en México”.
“Thanks to the existence of these private institutions, getting that credit card, which decades ago cost you at least 15 days and many paperwork, today takes just a few minutes,” he said.
The credit bureaus are private institutions in charge of collecting the information of the accredited with the aim of offering it to those who grant the loans, who are the ones that people approach every time they need resources.
“The financial entities that you approach to request a car loan, mortgage, guarantee (car or house), credit card or the stores that offer you a departmental credit are the ones who consult your credit behavior report, and under their criteria evaluate whether they grant you the loan and under what conditions,” explained Creditas, a digital platform for technological and financial solutions.
Credit bureaus are institutions that were created to support both the financial sector and its users, and draw on different databases to articulate their scores.
The bureaus not only collect information from banks, but also from private services such as cell phones, local telephony, pay television, payment of public services such as water, and other types of credit such as those offered by furniture stores, automotive agencies, department stores, etc. rents or schools, according to Círculo de Crédito.
