Latest Modification Date: 2/26/24
The credit bureau is a credit history where financial information is provided regarding a person's loans and services contracted, such as the punctuality of their payments and debts. All this information is confidential and is shared with financial entities that require it. For example, if you want to obtain a credit card, a loan, or a mortgage, the bank must analyze your credit bureau report to determine if you meet the requirements. To have an excellent credit history, we recommend reading our article "Excellent Credit History."(Link)
In Mexico, there are two credit information bureaus, supervised by the National Banking and Securities Commission (CNBV):Credit Bureau and Credit Circle. According to the Law to Regulate Credit Information Societies, these entities can only provide information to their own clients with the user's credit authorization.
Both Credit Bureau and Credit Circle offer the same information; the only difference lies in the way the information is presented. The first credit bureau in Mexico was established in 1996, laying the groundwork for organizing the country's credit information.
Credit Circle was created in 2005 in response to the need for an instantly updated database. Despite being relatively recent, these credit information societies have become a fundamental pillar for the country's credit development due to their economic and social impact.
In Mexican society there is a myth that being in the credit bureau is the worst thing that can happen to your financial life. It is said to limit your ability to achieve many of your financial goals or to represent an obstacle to them. We have great news for you, this is false!! As long as you fulfill your financial obligations responsibly. Being in the credit bureau can actually help you obtain the credits you desire more easily.
Your behavior with credit usage and payments helps you secure larger and better credits. Remember that you should always be aware of your repayment capacity so that the credit bureau reflects that you are someone with the ability to pay and are responsible with your finances.
In the event that you miss a payment or have a delayed debt, it can always be corrected by making the corresponding payments to continue being an excellent candidate in the credit bureau for better loans.
It's also important to mention that if at any time you feel that your loans are exceeding your capabilities, it's crucial to consider discussing with the institution to address doubts and explore alternatives, such as restructuring.
Remember that debts are not necessarily bad; they are crucial for acquiring assets while benefiting your status in the credit bureau.
Xpats can help you start building a credit history in Mexico with the Xpats credit card, designed specifically for expatriates. With this credit card, you can begin to appear in the credit bureau and the credit circle. This is truly important because you start to generate credibility with Mexican entities and gain more credit related benefits in the country. In addition, the Xpats card provides opportunities for financial growth and numerous benefits, such as no annual fees, no penalties for minimal usage, no cost for international transactions, and acceptance at millions of businesses. This credit card breaks barriers, fulfills dreams, and achieves goals.
Discover the credit cards offered by Xpats and become a part of our community! If you have any questions, feel free to contact us!
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The Credit Bureau in Mexico as Your Best Ally
February 26, 2024
Adriana B. Castrejón
The Credit Bureau in Mexico as Your Best Ally
February 26, 2024
Adriana B. Castrejón
The credit bureau is a credit history where financial information is provided regarding a person's loans and services contracted, such as the punctuality of their payments and debts. All this information is confidential and is shared with financial entities that require it. For example, if you want to obtain a credit card, a loan, or a mortgage, the bank must analyze your credit bureau report to determine if you meet the requirements. To have an excellent credit history, we recommend reading our article "Excellent Credit History."(Link)
In Mexico, there are two credit information bureaus, supervised by the National Banking and Securities Commission (CNBV):Credit Bureau and Credit Circle. According to the Law to Regulate Credit Information Societies, these entities can only provide information to their own clients with the user's credit authorization.
Both Credit Bureau and Credit Circle offer the same information; the only difference lies in the way the information is presented. The first credit bureau in Mexico was established in 1996, laying the groundwork for organizing the country's credit information.
Credit Circle was created in 2005 in response to the need for an instantly updated database. Despite being relatively recent, these credit information societies have become a fundamental pillar for the country's credit development due to their economic and social impact.
In Mexican society there is a myth that being in the credit bureau is the worst thing that can happen to your financial life. It is said to limit your ability to achieve many of your financial goals or to represent an obstacle to them. We have great news for you, this is false!! As long as you fulfill your financial obligations responsibly. Being in the credit bureau can actually help you obtain the credits you desire more easily.
Latest Modification Date: 2/26/24
Your behavior with credit usage and payments helps you secure larger and better credits. Remember that you should always be aware of your repayment capacity so that the credit bureau reflects that you are someone with the ability to pay and are responsible with your finances.
In the event that you miss a payment or have a delayed debt, it can always be corrected by making the corresponding payments to continue being an excellent candidate in the credit bureau for better loans.
It's also important to mention that if at any time you feel that your loans are exceeding your capabilities, it's crucial to consider discussing with the institution to address doubts and explore alternatives, such as restructuring.
Remember that debts are not necessarily bad; they are crucial for acquiring assets while benefiting your status in the credit bureau.
Xpats can help you start building a credit history in Mexico with the Xpats credit card, designed specifically for expatriates. With this credit card, you can begin to appear in the credit bureau and the credit circle. This is truly important because you start to generate credibility with Mexican entities and gain more credit related benefits in the country. In addition, the Xpats card provides opportunities for financial growth and numerous benefits, such as no annual fees, no penalties for minimal usage, no cost for international transactions, and acceptance at millions of businesses. This credit card breaks barriers, fulfills dreams, and achieves goals.
Discover the credit cards offered by Xpats and become a part of our community! If you have any questions, feel free to contact us!
