For a large part of the users of financial services, it is of concern to appear in the Credit bureausince the credit history It can be decisive when it comes to applying for a new loan. Therefore, it is important to know with which code your debt appears in the report; see if the key 97.
It is important to note that the keys that start with 9 correspond to the credits with serious payment problems. Specifically, code 97 refers to individuals who have not been able to pay the total amount of their debt and they have required the support of a ‘quit’ to pay.
As we have mentioned in other informative notes of The Truth Newsas a user of Finance system You start to be in the Credit Bureau from the moment you apply for a loan and not when you have problems paying.
How does password 97 affect me if it appears in my Credit Bureau report?
In the Credit Bureau, the history is relevant to obtain or not a loan
Your history in the Credit Bureau is called a Special Credit Report and it presents both punctual and late payments. In relation to the issue of key 97, Fincompara refers to said key to an “account with partial or total unrecoverable debt”.
Likewise, it explains that these are debts that were settled through a haircut, which is the way of naming the discounts offered by institutions to recover some percentage of the debt. Code 97 negatively affects the Credit Bureau.
It is also important to note that banking institutions review the credit history of the person’s debts. In case of applying for a new loan, they will take into account the status of the previous ones.
For this reason, when code 97 appears in the Credit Bureau, the institution may refuse to grant new credits to the applicant.
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When requesting a Special Credit Report, in the Credit Bureau people will be able to see this type of debt reflected with a number 9. This must have more data through the use of letters.
Finally, it is important to point out that according to the interpretation instructions, the letters LG correspond to debts paid with a ‘reduction’ proposed by an institutional program; while the letters LC are from an agreement proposed by the debtor.
With information from the CEO
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