Have you heard of Equifax? It is very likely that the name of Infocorp sounds more familiar to you, however, they are practically the same since Infocorp is the Equifax database. This database, considered the most complete in the country, is where all the bad debts.
What is the Equifax Bad Debt Database?
From the moment we turn 18 and start our credit, tax, or similar activities (those that involve payment for services, for example) we enter the Equifax database. In that sense, it is not negative to be in Infocorp, the bad thing would be to have a bad rating in this risk center due to not complying with the payment of our obligations.
Banks review Equifax information
When we want to apply for a loan or credit (even some services), financial institutions are responsible for reviewing our information in the Equifax database. For this they need our DNI number (if our request is as a natural person) and our authorization to review our movements. By reviewing our information you will be able to see our credit rating and ours debt report.
The debt report gives them information such as:
- Business debts.
- Debts with the financial system.
- Debts with companies.
- Debts to government entities, among others.
Regarding our credit scoreBy entering our report, you can know the rating we have according to our payment behavior. The score lets financial institutions know how likely we are to pay our debts in the next 12 months, which lets them know whether or not it is convenient to lend us money.
What to do if I have bad debts?
If our loan or credit application has been rejected because we have bad debts or a bad credit rating, the best we can do is review our information with Infocorp. That way we can know if the information is correct or if we have to ask for a review of it.
Yes, indeed, we have a written off debt or delayed, the best we can do to regain our financial health is to liquidate it. To settle the debt we can approach our bank to regularize our situation. Another option is to go with entities such as Al Día, which are in charge of massively negotiating debts with banks, to obtain greater benefits. At Al Día we have two programs that may interest you to settle your debt, one is My board, ideal if you still need a few months to raise the money to pay your debt and Pool, perfect if you already have the full amount. Contact us for more information!