Mexico.– It is known that the Credit Bureauor records the credit behavior of people, saving information on the timeliness of your payments, and that if you pay on time it gives you a good grade, but if you are late in payments, your score will drop in your history and that reduces the chances that they authorize you new credits.
But what some people are not clear about is that when you have delays for several months in your debts and you end up paying with a reduction to be able to cancel the debt, although they report the account as paid and with a zero balance, the reality is that they leave you a negative note and they do not erase your credit history.
Let’s say they only report that in the end you paid a part of your debt, but they leave a note stating that they had to pay off the remaining balance because you didn’t pay them all and they leave that note for 6 years from the date you made the payment.
That is why although the account is zero and closed, the account actually continues to appear in your credit bureau history, and it will not disappear until 72 months from the date of your payment have passed.
If you ask yourself, have I already paid the debt, why don’t they delete my account immediately? The answer is that the Bureau takes a maximum of 30 days to cancel the account and correct your information in the Credit Bureau and from there the 72 months are counted for the date of the account closure and it is permanently deleted from your record.
That is why it is important to check your credit history periodically and it is recommended to do so at least every six months. Actually I suggest that you sign up for the Credit Bureau Alerts so that you can detect if someone requested a loan in your name, stealing your identity.
Additionally, you should know that even if the account is deleted after 6 years and the other banks that consult your history could authorize you new credits (if the rest of the accounts that appear have good behavior), the bank to which you stopped paying the credit and gave you the take away, keep the record for much longer than the Credit bureau. What would prevent this bank from denying you new credits even if the rest were to authorize them.
So if you have already paid and you wonder why you are still in the Credit Bureau and they deny you new credits, the answer is due to two possible reasons:
- The first is that you made the payment with a deduction or discount and the bank left you an observation that indicates that you did not pay the total and that they had to? Forgive you? a part -of your debt and it must remain for 6 years.
- The second reason is that even if you paid and the debt was erased from your credit history, the bank that forgiven you part of the debt to cancel the account, will keep your negative record for much longer than the 72 months established by law. and they are not going to authorize you new credits.
So it is not enough to say I have already paid my debt, you need to verify if the payment was for the total debt or with a deduction, then validate if the first 30 days have passed to update your history and if you did not pay the total, you must take into account that you have to wait 6 years for them to erase your negative history in Credit bureau.
IT MAY INTEREST YOU: Am I in the Credit Bureau? So you can check and clear the doubts
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