Obtaining good credits will be of great help to us to increase our financial capacity and our quality of life. The credits are loans that the companies in charge as banks, place at our disposal at all times.
If we have one or several credits, it is advisable to pay the debts we have on time, in this way we will increase our reputation in the company. Similarly, being a loyal customer and being able to pay off all the loans we have will be of great help to have a better reputation.
Currently, there are many banks and financial institutions that offer their credit services, which is a great advantage for us. Since we can choose the companies that best suit our needs and offer better services.
What is the credit bureau score?
One of the methods that banks and financial entities are implementing to grant credit is to consult the credit history of each person who requests some type of loan. They do this to take as little risk as possible.
Likewise, companies always try to protect their interests, so they are very careful when choosing the people to whom the credits will be granted. In this way, they prevent giving credits to people who are not responsible.
Currently there are companies that are responsible for collecting information about people and the credit history they have. One of these is the Credit Bureau, which is responsible for offering this information to banks and financial entities that request it.
The information that is stored in the company is our personal data and the information of the credits that we have obtained or that we currently have. This information ranges from the number of credits we have to the delay time in the payments of each credit.
The company has an option which allows us to know the summary of our credit history. and correct information. This is known as “My score”, which works as a measure of our behavior in relation to the credits we have.
My score reflects our level in the form of a scale, it reflects our status when it comes to relating to credits. The scale goes from 449 points to 775 points, the higher our score, the better our credit reputation.
Apart from obtaining a score in relation to our credit behavior, Mi score offers us specific recommendations, which we can follow if we want to increase our score.
In this way, we will position ourselves in a better way before the banking entities, which will help our possibilities of obtaining credits.
How can it be calculated and how can I improve my score?
If we want to calculate the score we have in relation to the attitude we have had when requesting, paying and settling a loan, we must take into account the following. First, there is no one hundred percent effective method that we can use, but there are a number of aspects that we can take into account to make this calculation.
Paying on time is one of the factors that has the most weight when it comes to increasing or decreasing our score. If we are faithful people in each of the payments, surely our score will be high.
Another of the factors that influences is trying to reduce the amount of the credit, if we pay in advance, or we are releasing load in the amount of our credit. It is sure that the score will be very good, in the same way if we have not done it, this is a very good option to raise our score.
On the other hand, we find the age of the credits that we currently have and the types of credits that we have.
Although they are not factors that influence much, it is good to take them into account, if we want to increase the score of my score. If we have a high score, it is very likely that we have more possibilities and options to opt for better credits.
Finally, we hope this article has been helpful to you. However, we would like to know your opinion. Do you know another method to calculate and improve the Credit Bureau score? Do you know how the Credit Bureau score works? Leave us your answers in the comments.
You may also be interested in, How long does it take for all debts in the Credit Bureau to disappear?
