If you are going to apply for a loan, you should know that couldn’t be easier. Having a healthy credit history will make your relationship with institutions that provide financial services so.
Learn about the myths about the Credit Bureau and discover why it is not as scary as everyone has made you believe:
Myth # 1 “The credit bureau is the blacklist of debtors”
The truth is that we are all in the credit bureau. Since all the institutions that make loans or issue credits, they report the behavior of all their clients to this organization and all the institutions to have access to it.
So do not worry about being in credit bureau, better try to work on the timeliness of your payments and your behavior so that your record is a healthy accredited.
Myth # 2 “You can never leave the credit bureau”
Well, this is a bit true. But as you read in the previous myth, it is not necessarily a bad thing. This only means that the credit bureau will always have information about your behavior and your ability to pay while you have an active credit.
Myth # 3 “The credit bureau denied my credit”
This can not be possible. The credit bureau does not have the ability to approve or deny credit to any person. Only the agency that provides the financial service is able to decide which users will grant them a loan and which ones will be denied.
What causes your loan to be denied is your behavior reflected in the record. So if you submit a debt we recommend you pay it as soon as possible.
Myth # 4 “The Credit Bureau is a government agency”
The Credit Bureau is a private company that is dedicated to managing and integrating information on the credit behavior of users in order to provide safe and reliable data to financial service providers.
Myth # 5 “The Credit Bureau violates the confidential data law”
The information that the bureau has is confidential and will only be obtained by financial entities at the moment in which you give the authorization to be consulted. That’s why it does not break the law.
Myth # 6 “If you pay a certain amount you can leave the bureau”
This is the most dangerous myth of all. Nobody can get you out of the credit bureau. Simply make your payments on time and get up to date with your debts to maintain an adequate record to continue acquiring financial products.
Do not give your data to strangers who say they can get you out of the bureau. You run the risk of fraud by offering this information.