The Credit Bureau only collects information. It is the banks and financial institutions that make the final decision, taking into account factors such as age, income, and job stability. Checking your credit history is crucial to ensure that all information is correct and to detect possible errors.
Juan Luis Ordaz, director of Financial Education at Banamex, highlights the importance of taking advantage of the fact that the credit report can be consulted for free once a year. You only need to have an official ID, RFC or CURP, mobile phone, email, credit card statements (even if they are not active), and the details of other credits you may have had. Having a good credit history will open doors to obtaining credits that allow you to build wealth and achieve financial stability.
The Credit Bureau collects the payment history of those who have applied for loans or contracted services with recurring payments. This reflects how a person has fulfilled their credit obligations throughout their life. Ordaz points out that understanding how the Bureau works and what information it contains is essential for building a solid history and accessing better financial opportunities.
In Mexico, the Credit Bureau and the Credit Circle are the two institutions that safeguard this information, formally known as Credit Information Societies (SIC). They collect data reported by banks, Sofomes, Sofipos, department stores, guarantors, and service providers such as electricity, water, and the Internet. The belief that being in the Bureau is negative is a myth, according to Ordaz: "the Bureau is neither good nor bad, it is just a tool that shows the financial behavior of each person."
It is important to note that it is not necessary to have a bank credit to be registered in the Bureau, as services that generate periodic payments are also included. Also, it is a common myth to believe that the Bureau decides whether you are granted credit. The final decision is made by financial institutions, but maintaining good credit behavior is essential to improve your chances of obtaining higher credit amounts and better terms.
