It is common to hear that if you are not up to date in the repayment of debt, then the data will appear in the Credit Bureau. However, the National Commission for Protection and Defence of Users of Financial Services (Condusef) affirms that anyone who has some credit relationship is registered in it.
In case of appearing on the “black list” for lack of payment, the agency clarified that you cannot avoid featuring in the bureau. What you can do however, is change the rating granted by the creditor.
Condusef said that according to current regulations, deleting the negative records takes between one and six years, depending on the amount of the outstanding debt.
Where the debt is less than or equal to 25 Investment Units or Udis you are expunged from the list after one year. For debts greater than 25 Udis and not exceeding 500 Udis, they withdraw your name after two years; while for debts of 500 Udis up to a maximum of 1,000 Udis they disappear after four years.
Condusef stated that if there is a debt of more than one thousand Udis, the consumer will remain on the record for up to six years, if the debt is not cleared.
However, Condusef clarified that to improve one’s credit history one can cover the total debt, and within a period of 35 to 45 days it will be reflected in a good standing note within the Bureau.
Bear in mind however that, if an agreement is reached to reduce the debt, it will continue to appear in the Bureau with a bad note, since this is a supposed breach for the financial institution. Therefore it is not advisable to resort to this type of arrangement, if you plan to request further credit.