Is the bureau the same as the credit circle?
Legally known as Credit Information Societies (SIC), the Credit Bureau and the Credit Circle are entities that concentrate financial information on almost 27 million individuals and 48 million loans in Mexico. Although their names are similar, these two institutions are different. Both are a mandatory reference for banks when they must grant a loan.
This is the Credit Bureau
It is a company that collects information from anyone who has requested a loan at least once in their life.
The Credit Bureau receives information from financial companies, banks or other companies that provide reports on the payment behavior of their customers, this serves the companies that grant financing to assess the performance of payments and rectify whether the client is a candidate or not. a future loan.
The Credit Bureau is regulated by the Law to Regulate Credit Information Companies, the National Banking and Securities Commission, Banco de México, the Ministry of Finance and Public Credit and the National Commission for the Protection and Defense of Users of Financial Services (Condusef).
Remember that not only the defaulters appear in the Credit Bureau, as anyone who purchases a credit card or a SME Credit, even being punctual in their payments, will appear in this register. The credit bureau report is updated month by month so, if there is a slight delay in payments, it will be shown in the history.
What is the Credit Circle?
The Círculo de Crédito is also a company that collects and safeguards the information of the loans and payment behavior to banks or financial institutions with which one is requested.
The Credit Circle shows general data, credit history, payment behavior in previous credits and the risk that other grantors have assigned. This information is shown through a report, to which one has the right to request one credit per year.
What is the difference between the Bureau and the Credit Circle?
The data presented by both institutions are the same, only changes how the information is presented. Previously, the Credit Bureau and Círculo de Crédito backed information from different institutions, so if a loan was processed with Financiera A and it only had an agreement with the Credit Bureau, the information reflected only the payment behavior with the financial institution. A, and not other financial companies that were in the Círculo de Crédito. Currently, this is not the case, since the loans that are requested from credit entities appear in the same Special Credit Report and in any Credit Information Society (SIC).
Here the main differences between both companies:
We recommend that you check the credit history every 6 months to verify that the loan or credit payments are presented correctly and if this is not the case, you can make the pertinent clarification.