Credit bureau and credit circle, you should know now

By saying credit circle Perhaps you are confused with the term credit bureau, since it is the entity that houses your credit history, but is there a difference between one and the other? It is the same if you are in one or the other, since all this and much more is yet to be seen, then it is convenient for you to continue reading:

Credit circle or credit bureau?

It is clear that if you want to start a new project you need financing, but for it to be approved you must have a good credit history, since from this node you will get the financing you need.

Even when you apply for this financing, you start your credit history which may be good for you to apply for another credit or a loan, but you must meet your payments because all your history will be settled in these institutions such as the credit circle or in the credit bureau, but …

Are there differences between the credit circle and the credit bureau?

Credit bureau

  1. The credit bureau is the institution that has your credit history, whether you are a company or simply a person. It is a company that is regulated by law as part of the regulation of credit information companies.
  2. So the credit bureau is regulated by the National Banking and Securities Commission, by the Bank of Mexico and by the Ministry of Finance and Public Credit.
  3. You will enter the credit bureau as a company or person when requesting any type of financing, it can be a loan or a credit regardless of whether you are a delinquent debtor or a debtor who pays all your debts on time.
  4. The usefulness of the credit bureau is based on the fact that from the information it stores it serves the companies that can finance you to find out how you are doing with payments.
  5. The credit bureau has your credit history calling it a special credit report where all your punctual payments are recorded, such as payments you make late.
  6. The history that the credit bureau keeps is updated once a month, therefore you may have a delay in your payments, but when you pay that debt it is shown in your history.
  7. Therefore, finding yourself in the credit bureau does not mean that you have a problem as long as you know how to take care of your history, since if you take care of it and your credit history is good you may be eligible to be granted financing and even your line of credit can be extended.

The credit circle

  1. Although the credit circle saves your credit history as a taxpayer in the same way as the credit bureau, it is a report with your general data, your behavior with the payment of financial credits and commercial credits in addition to your credit history.
  2. But from this information you can show the risk that the credit grantors assigned you as a legal entity.
  3. You can get a special credit report once a year, you can receive it free of charge by email or you can go in person to the specialized unit.
  4. However, you will have to pay for the report if you want to receive your report by courier, by mail or by fax.

Credit circle and credit bureau prices

Although both organizations meet the same objective, they differ in prices:

  1. For example, the first report from the credit bureau that you can request online and receive it by email is free, while the second subsequent report has a value of $ 89.
  2. In the circle of credit, that same first report is also free and the second or later report has a cost of $ 34.20.
  3. If you request the first report in the credit bureau to receive it by fax, it is free but they will charge you $ 53.40 for shipping.
  4. The same credit circle report has a value of $ 50 and the second or later report that you fax the credit circle has a value of $ 82.20.
  5. The credit bureau can send you the first report by mail with return receipt or by mail and it will be free but will charge you $ 160.20 for shipping cost.
  6. The credit circle with the same service will charge you $ 150 for the first report while the second or subsequent report will charge you $ 182.20.
  7. The credit bureau can send you the first report for free by specialized courier but will charge you $ 204.90 for shipping costs.
  8. The credit circle for the first report using the same shipping method will charge you $ 190 and the second or later report will charge you $ 217.20.
  9. The credit bureau can send you the first report for free if you go to the specialized customer service unit and for the second or later report they will charge you $ 89.
  10. If you go to the specialized customer service unit, the credit circle offers you the first report for free and the second and subsequent report for $ 82.20.
  11. The credit bureau admits that you request your first free report by phone and the second or later report will charge you $ 89.
  12. The credit circle does not offer you the possibility of requesting your credit report by phone.

Credit circle grantors

  1. Credit circle grantors offers a credit history report with the fulfillment of the payments that a person acquired with financial entities or commercial entities that provide credit.
  2. It is the best option to meet the person before authorizing a loan.
  3. It also checks the general information of the person.
  4. Makes an identification on demographics over time.
  5. It allows to know how the person is exposed to the credits requested.
  6. It significantly reduces the risk for granting a loan.
  7. It gathers information about the person’s data including their addresses, jobs, credit details according to the type of grantor and the history of payments.

Special credit circle

The credit circle with the special report includes the credit information including the way in which you paid for your services and credits such as credit cards, mortgage, water, electricity, telephone, catalog sales, etc.

Circle of credit report

Credit circle includes the special credit report with the complete information of the credits and you acquired with all the details.

Then when you request a credit, the report is sent so that your request can be processed.

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