Credit Bureau Example

The credit boron It is a non-governmental institution whose task is to keep a record of the credit activities of the people who are registered in it.

In the credit bureau you can find both individuals and legal entities and it is about monitoring a person's credit history.

The activities and circumstances of the credit bureau may vary depending on each country, but the bases are the same.

Nowadays when a person makes any contract, usually in the contract he carries a clause in which the obligor agrees to enter said bureau so that they can record his activity as debtor.

Example of use of the credit bureau:

Mr. Eduardo Jiménez Herrera, has just hired an internet line for his house, and before his contract is approved, his data is sent to the credit bureau to review his history credit.

When rectifying his data, they realized that he had made previous contracts with four other internet companies and left his pending payments and cancellations without solving them.

The executive of the internet company explains to him that he must carry out the liquidation and cancellation of the other debts of him so that His new contract can be processed, since the six years established by law have not passed for such data.

It is then that Mr. Eduardo Jiménez H. he goes to make the late payments of his other internet services and made the corresponding payments in his credit account and within two weeks the new internet contract for his business could be made.

Before he made this contract, he did not know the circumstances or the operation of the credit bureau and now he is aware of the expenses and limits of his credit accounts so as not to have unforeseen.

Nowadays, consulting the data in the credit bureau can be done from the internet, and it is less likely that there are gaps that allow the error described above to be repeated.