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5 myths of the credit bureau that you should know if you want to buy a house

If you are looking to buy a house, but you are worried about checking your credit history. We invite you to learn about the most common credit bureau myths and grow your assets.

The Credit Information Society (SIC) has two legitimate institutions in Mexico, which are responsible for recruiting the financial information of the companies that grant loans to transform the credit history of the holders and manage their risks, which are the Credit Bureau and The Circle of Credit According to data from the National Survey of Financial Inclusion 2018 (ENIF), 4 out of 10 Mexicans are rejected when applying for a loan due to problems related to the credit bureau.

Therefore, before applying for a mortgage loan to buy a house, in Capital smart city find out about the myths of the credit bureau and go prepared with the financial institution of your choice.What are the most relevant myths of the credit bureau?

• First myth: the credit bureau rejects or approves credits • Second myth: institutions constantly review the history • Third myth: credit is rejected for being in bureau • Fourth myth: a good credit history ensures a credit • Fifth myth: violates the confidentiality of personal data First myth: the credit bureau rejects or approves credits This is one of the most common credit bureau myths and you should know since credit information societies do not have legal authorization to refuse or approve credits. These are responsible for storing information about the payment of current and old credits of the holder in the credit history. While the grantor of the credit according to its policies is responsible for approving or rejecting the mortgage, departmental or automotive credit, as requested. Second myth: Institutions constantly review the history Don't be fooled by another of the myths of the credit bureau! According to the Law to Regulate Credit Information Companies, no one can consult the information of a person without consent. The holder is solely responsible for requesting and authorizing the review of the Special Credit Report. Therefore, the financial institution will only have access to review the credit history, as long as you are looking for a loan and give a prior authorization. Third myth: Credit is rejected for being in a bureau There is a myth that the credit bureau is a blacklist of delinquent holders, but the reality is that all people and companies that have or have had at least one credit belong to the bureau. According to the above, it is better to appear with a good payment behavior, since the entities take the history as a reference to grant a loan according to the financial capacity. In addition, if they consider you a good payer they will offer to increase the current credit line. Fourth myth: A good credit history ensures a credit Having a clean credit history does not guarantee that a credit is authorized, since it depends on other factors of the institution such as the amount to be requested and the ability to pay. Fifth myth: Violates the confidentiality of personal data The information of the people and companies registered in the Credit Information Society (SIC) have the ichs town highest security standards, so that no one can consult the Credit Report without authorization from the company or holder. Likewise, no person can voluntarily delete the information of a third person, if they offer you to delete the records of the credit history or deliver credit reports in exchange for money you are being the victim of fraud.

Avoid falling into any of these myths of the credit bureau, if you have any questions about your credit, approach your institution to clarify doubts. If you're wondering, can I buy a house if I'm in a credit bureau ? The answer is that you must meet certain requirements. Find a wide range of real estate in Vivanuncios the # 1 Real Estate portal in Mexico!