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Financial Dictionary - Credit report
Credit report
A credit report is a document that reflects someone's financial background, with all the information related to pending bills, debts, etc.
To prepare this report, a consultation is carried out with the different electricity, water, gas, telephone companies, insurance companies, automobile companies, etc., and our level of solvency, trustworthiness and ultimately our ability to make payments is analysed. for any debt that we contract with the lender. Obviously, the cleaner our track record, the more confidence we will inspire with the bank.
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The credit history is available to anyone, anyone can obtain their own history. In fact, consulting it before applying for a loan is highly recommended since it will help us to form an idea of our creditworthiness. All you have to do is enter the Banco de España website and follow the steps indicated, or request it from entities such as Equifax, which offer one free report per year. There are also applications that measure our credit rating.
On the other hand, there are credit information systems (ASNEF, RAI), which only include individuals and legal entities who have contracted a debt and have not paid it. To be clear, they are lists of defaulters.
What helps one to have a good history?
Normally, having a good credit report, keeping all payments up to date and have liquidity in our bank accounts is sufficient. But additionally, having a stable job and a medium/high income, a credit card, an account with a positive balance, a financial cushion and not taking out microloans. And obviously, it does not help to appear on delinquency lists, return receipts, have defaults or indebtedness, have overdrafts in an account, etc.
And if we want to clean up our credit record, paying off our debts will be enough. When this happens, the managers of these reports must eliminate the data within a month, but not before verifying with the affected companies that the debt has actually been paid off.
Why is our information public?
In our country, these types of reports are regulated by the LOPD. In general, our personal information related to the non-payment of our debts can be processed, among others, when the creditor provides that information; or when these reflect specific, past due, enforceable debts; or when we have been advised that they will potentially be made public in the contract.