What is credit report?
- What does “good credit” mean?
- Why apply for my credit report?
- Where can I get my free credit report?
- What should I do when I receive my credit report?
- How do I improve my credit score?
- How Does Credit Score Score Work?
What is credit report?
Credit Report : This is a report (extract) of credit records that can be requested by citizens in any of the three main credit agencies in Brazil: Serasa Experian, SPC Brasil (SCP), Boa Vista (SCPC) and TransUnion . The credit report contains all the information and negative movements about its behavior in the financial market .
In times past this report was released only with the person’s going personally to the agencies, fortunately now it is possible to have access to a free copy at each of the three major credit bureaus.
Just sign up for online sites. In the credit report the lender also has access to your financial information, and in possession of them, you may or may not get personal credit or commercial finance in general.
Usually the data is:
- Financial arrears
- Checks without background (CCF)
- National protests
- Overdue Debts
- Civil and tax executive actions
- Judicial repossession and bankruptcy
Lenders, credit institutions, companies and stores review your report when you:
- Hire personal loan in a bank
- Acquires consumer goods financed
- Request credit cards
- Apply for a job
- Do insurance
When you apply for services or financial products, the company or lender wants to know if you pay your bills on time. They also want to know if you owe money to other institutions, when you’ve been consulting and how much you owe, etc.
Many lenders use this information from your credit report to decide whether you will grant more credit, release loans, grant credit cards, approve you on a job or car insurance, etc.
What does “good credit” mean?
Some people have good credit – scores above 701. Some people have bad credit – low score of 400. Others have no credit history. As for the companies, they see all this in the extract with their information. Many different actions happen based on your type of credit:
Which means: I have good credit
That means? I have good credit
I’ll pay my bills on time.
– I do not have big debts
- I have more loan options
- It is easier to get credit cards
- I pay lower interest rates
- I pay less for loans and credit cards
Which means: I do not have good credit
That means? I do not have good credit
I do not pay my bills on time
– I have too many debts to pay
- I have fewer loan options
- It’s harder to get credit cards
- I pay higher interest rates
- I pay more for loans and credit cards
Which means: I do not have any credit
That means? I do not have any credit
– I never borrowed money from the bank or financial institution.
I never had a credit card
- I do not have bank loan options
- It is very difficult to get credit cards
- I pay high interest rates
- Loans and credit cards are difficult to obtain and cost a lot
All the information that matters is on your credit report.
Why apply for my credit report?
One important reason to get your credit report is to know which lenders you are owed, find undue records, possible errors and correct them:
- You can find information from records not taken from the report
- You can search for old debt credit information
- You may find debts not made by you – have stolen your identity
The information in your report will help you know if you can get a personal loan, a credit card, a job or insurance, or which loan you borrow based on that report.
If you have any wrong information, you can correct any possible errors. If the information is not correct – when fixing the error, you can improve your credit score.
Where can I get my free credit report?
You can get your credit report for free and at no cost. For this you must register on Serasa link , in SPC Brazil or in the Boa Vista link , all these credit bureaus make their report available and also the updated score.
You get a free report from each company, which means you get three reports. It is worth mentioning that there may be variations of information between the three agencies, so it is good to compare them.
What should I do when I receive my credit report?
Your credit report has a lot of information. Check if they are correct, if your name and address and cadastral data are correct? Check the records to recognize the accounts that are listed.
Get in touch with the listed lenders to negotiate and pay for the pending etc.
You can write to the company that provided the report requesting the correction of outdated information. It may be necessary to send proof that the information is wrong – for example, a copy of agreement or contract, an invoice that shows the correct information.
In general, simply contact the lender or company listed in the report that they themselves ask the agencies to withdraw the negative records.
How do I improve my credit score?
It takes a little time to improve your credit, especially if it is on the bad credit line (low score). But, the first step is to clear any negative records from your report.
Here are a few ways to help you rebuild your credit.
- Pay all your outstanding bills by negotiating the debts with the creditors
- If you register at the Positive Registry and begin to enter your credit information
- Pay your bills by the due date. This is the most important thing you can do.
- Reduce the amount you owe, especially on your credit cards
- Do not make or have too many credit cards if you do not need them all
- Do not cancel your old credit cards, they help in your score and credit score
Do all this, wait a few months to check the progress of your credit report.
How Does Credit Score Score Work?
Your credit score is a number related to your credit history.
- If your credit score is high, your credit is good
- If your credit score is low, your credit is bad
- If you have delinquency records you are denied
There are different levels of credit scores. Each credit reporting company creates its own evaluation method for scoring. The ranges may be different, but generally ranges from about 0/300 (low) to 750/1000 (high).
Sometimes an agency can say that the score is free. But there are cases of collections, or offer of other services related to credit, including – blame, offering of loan to negativado and other types.
It is very important to know what is on your credit report at least every six months. If your report is good, your score will be good. You can also decide if it pays to get your full credit report, that is, with all sorts of information possible.
Credit Report Why Is It So Important? Average 4.6 – 53 votes
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