The My Score in the Bureau made some changes and now the maximum score has dropped to 754 points from 850 in order to update and improve the way it evaluates credit users.
The parameters to measure the level of financial default of people are going to change.
Credit Bureau offers a tool called “My Score” so that users of financial services can check what their rating is derived from their financial behavior
“The purpose of “My score” credit is to be able to predict the probability that a person will have a payment delay of 90 days or more in any of their credits in the next 12 months,” said Wolfgang Erhardt, spokesman for Credit Bureau.
The specialist highlighted in an interview that the Bureau goes through periods of updating and recalibration so that the rating they give to users is as accurate as possible.
That is the reason why the credit score was recalibrated: “it was time to update the tool so the scores and their interpretation changed. Now we have four colors that indicate different levels of probability of default,” he added.
How do I know if I am in the Credit Bureau?
Not only people who have a credit card are in the Bureau. There are payments such as electricity or mobile phone plans that measure payment capacity.
Some services also report to the credit bureau if you are up to date with the payment of services such as water. Cable television also reports your behavior to the Bureau, so you should avoid being late on your payments to avoid a bad rating.
It is important to clarify that people begin to make a record in the Bureau after having a financial product or service for 6 months, so it is convenient to pay consistently.
How often is it updated?
User information is updated every month and they can make a free inquiry of their credit history every 12 months.
If more than one inquiry is made in that period, the cost will be 35 pesos.
Credit Bureau Rating 2024
Now the Bureau evaluates the behavior of customers with colors and rating ranges:
In red, users with a rating between 413 and 586 points. If you are in this category, it means that you have a low rating and therefore, you are a subject that represents a higher risk for financial institutions, so they could deny you credit or give you higher rates.
In orange, users with a range between 587 and 667 points. A rating in this range, explains the expert, means that you have a “regular” rating and the credit grantor will probably analyze your credit history much more carefully because there are risk elements. “Probably payment defaults, perhaps the credit cards are saturated,” he points out.
It is also possible that in this range, banks or financial institutions will ask you for more documents to prove your income or payment capacity.
In yellow, users with ratings between 668 and 700 points. This is a fairly respectable rating and they will give you credit.
In green, those with between 701 and 754 points. A rating at these levels guarantees that credit providers will lend to you and under better conditions, such as: longer terms or better rates.
Wolfgang Erhardt highlighted that in this reconfiguration of the bureau, the maximum rating dropped from 850 to 754 points.
Source: expansion
