Credit history. The credit score can go from 0 to 999. The higher it is, the greater the chances of accessing credit.
Constantly monitoring our credit score, and not only when we are about to apply for a loan, is a good financial habit that we should take into account. But before we talk about its importance, what is a credit score?
READ: Microentrepreneurs: four benefits of having a good credit history
It is a tool that, by way of summary, makes it possible to visualize the credit behavior that we have been building through access to financial products; And this not only includes commitments with banking or service entities, but also the payment behavior that you register for each product requested or commercial obligation with any entity.
It is worth mentioning that the credit score can go from 0 to 999. The higher the score, the greater the chances of accessing credit.
In this context, Sergio Rivera, commercial manager at Experian Peru, explains three benefits of reviewing and knowing the credit score:
1. You get a first look at how entities see you
One of the biggest concerns we have when applying for a credit card or loan is not receiving approval from the third party or that the amount we want is less because we do not have a good credit score.
Since this is one of the aspects that every financial institution verifies when evaluating an applicant’s profile, if we correctly monitor our score, we will have a greater chance of receiving a positive response to the application.
READ: How to use a credit card and maintain a good credit history?
2. Alert about errors in the credit history that may affect your score
It is important to remember that the credit score is built based on all the information registered about your credit behavior, so you must be aware that this information is updated, after having made the payment of any pending, or that it is not register commitments to which you would not have agreed.
3. Have reliable information before doing business with third parties.
Another advantage of reviewing and knowing the credit score is having first-hand information before doing business, especially to get an idea of whether the partner we want to work with will be able to meet the commitments we establish as part of the agreement. .
Knowing our credit score is very useful because it helps us to have our finances clear and access, for example, credits that will allow us to meet personal or business goals.
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