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Loan Bureau: 10 things you should know


When we hear the word loan bureau we freeze, this because we have heard and believed a misconception of what it really is.

They tell you that it is bad to be inside and that is why nobody will want to give you a loan.

This misconception of the loan bureau may hinder you from participating in loan activities, which are sometimes very necessary.

So as not to fall for negative ideas, in this blog we tell you what it is and that the loan bureau is not treated in 10 points and at the end you will have a greater understanding of the subject.

1.- It is not a list of debtors

When they talk about the loan bureau, they do not really refer to a scary dark list where everyone is, and to which we must be afraid. Neither is it a corner where they send all the people who owe money.

Actually, it is a loan Information Society and its function is to collect data and keep a record of people who have acquired a loan; as well as his behavior with those loans.

In other words, they create a profile of the people who have asked for loan and who can be consulted by financial entities, but not a list of people who do not pay their debts to go and collect them.

2.- It is a private company

The loan bureau is not a government institution, but a private company, which as we mentioned, is called the loan Information Society.

This company obtains information from financial institutions that grant some type of loan.

Use that data to make a loan history. Its purpose is to manage the risks of financial institutions, as the Condusef makes clear .

When you go to one of these grant companies with the intention of requesting a loan, they review your loan history in the bureau.

They do this to evaluate your behavior with other loans and they take this into account to decide if they authorize the loan you requested.

The information that is in the bureau is confidential and can only be consulted with your authorization.

3.-You are in the bureau when you acquire a debt

You enter the loan bureau when you acquire a debt, not when you stop paying, so being inside is not as bad as it was painted.

In the loan bureau are all those people who have or have had loan activity, that is to say they make use of loans: departmental, mortgage, self-financing, business or payroll.

Also included are telephony or pay television contracts.

For example, if you asked for a loan to buy a car, to invest in a business or to get out of a hurry, you are acquiring a debt, which is going to be registered in the bureau.

Whether you pay it or not. This means that you are generating a history. It will depend on you to have a good reputation.

4.- The bureau qualifies you

The loan bureau receives information each month about people who have loan activity.

Depending on the way in which the debtors behave gives them a rating, which can be consulted by financial institutions.

In that sense, the bureau can help you or it can harm you. If you have had good management with your loan: you pay on time, do not delay and liquidate your debts, you will have a good rating and your good behavior will be reflected in the record.

In this case, financial institutions can continue to rely on you, which means that you can continue applying for other loans.

On the contrary, if you are not up to date with your payments or did not liquidate them, that will appear in the bureau, which could affect you in future loan applications.

Imagine you have a new neighbor and he asks you to lend him money from your savings because he needs to get out of a hurry.

The safest thing is that you hesitate to help him because you just met him and you have no idea if he is going to pay you.

On the contrary, if a friend you have known for a long time asks you for the same favor, you would probably help him. Clear! If you know that he is responsible and will pay you, if he does, you would not hesitate to help him again.

The same thing happens with financial institutions, they need to know you more to help you, that’s why they check your history.

As you can see, being inside the loan bureau is not bad, you just have to comply and be responsible. Let them know that if you are going to pay them.

5.-It’s bad not to be in the bureau

Surely they have told you that it is better that you are not in the loan bureau. You will think that it is better not to get into trouble and never get into debt.

It is very respectable and it is the decision of each person. However, not being in the bureau is the same as not having a loan history.

Not having a loan history can be harmful if at some point in your life you plan to borrow.

Think of some heavy expense for which you are not prepared, or if at some point you think about taking out a car and you want a financial institution to help you finance it or lend you a part.

If you have never applied for a loan in your life, you will not have activity in the bureau and financial institutions will not know how you behave, so it will be more difficult for you to succeed.

6.-It is possible to leave the bureau

We already know what the loan bureau is and how it works. But, so that they do not tell you Chinese stories on the subject, you should know that:

  • The loan bureau adheres to the statutes of the Law to Regulate loan Information Companies.
  • It also obeys the General Rules to which the operations and activities of the loan Information Society and its users are subject.

These bylaws are issued by the Bank of Mexico and they stipulate that people can be eliminated from the loan bureau in the following cases:

  • Debts less than or equal to 25 UDIS, are eliminated after one year.
  • Debts greater than 25 UDIS and up to 500 UDIs are eliminated after two years.
  • Debts greater than 500 UDIS and up to 1000 UDIs are eliminated after four years.
  • Debts greater than 1000 UDIS, are eliminated after six years as long as they are less than 400 thousand UDIS, the loan is not in judicial process or the non-person has committed some fraud in their loans.

I know! What does UDIS mean? It is about the Investment Units. Its value in Mexican pesos is established every month by the Bank of Mexico through the Official Gazette of the Federation.

It should be clear that when you leave the loan bureau, it does not necessarily mean that you have a good reputation, that is only achieved by taking care of the debts properly.

7.-The loan bureau does not charge your debts

The loan bureau does not have the power to collect debts, it is only dedicated to making a diagnosis of the loan behavior of people, so it rejects any type of organization or people who tell you that they come from the loan bureau to collect what you must. They lie!

Also, do not accept services from any person or organization that offers to take you out of the loan bureau. They are lying to you and it is probable that they only want to cheat you. Denunciate before the Condusef.

Also, any site that speaks on behalf of the loan bureau and is not , is a hoax.

If you acquire a debt and you run out of solvency, go to the person who lent it to you and try to reach an agreement so that you can liquidate it.

But do not accept help from whoever promises to take you out of the bureau paying your debts.

Falling into these types of traps can only harm you instead of helping you.

8.-You can check your history

Believe it or not, you may have access to that famous loan bureau that causes you so much anguish and review your behavior.

In fact, it is important that from time to time you review your history, not only to know how you are qualified, but also to know if there is something irregular, such as a loan that you did not request or consultations that you did not authorize.

We all have the right to ask the bureau for our history once every 12 months at no cost. You can take advantage and do it.

9.-No bulletin

Guide to take care of your Score in Credit BureauIf you have ever been told that if you do not pay what you owe the bureau will send you a bulletin so that they never give you a loan again, do not believe it.

This idea that the bureau launches an alert so that no one lends you, is also wrong.

The bureau does not bill any individual, it simply reflects the loan behavior of individuals and corporations.

10.-The bureau does not deny loans, it is only a requirement

Finally, you should know that the bureau can not deny loans, since its task is solely to gather information about the behavior of people with their loans.

The history of the loan bureau is only a requirement, that the granting companies consult with your prior authorization to evaluate your payment behavior with other loans.

However, the decision to lend you will also depend on other factors, such as your ability to pay, proof of income, age and seniority, among others.

The financial institution will evaluate the set of all these elements to make a decision.

If they deny you the loan, it was not because the bureau asked for them, but because maybe your profile is not attractive enough.

But do not let this discourage you, because your record can be good for some other company.

As you see, the bureau is not the negative list that everyone imagines, but a very useful tool that can be used in your favor as long as you want it.

Now you know! Do not let yourself get carried away by what they tell you and better use the loans well so that it is reflected in your history and financial institutions continue to trust you.