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Basics of Credit Stories

TuCréditoSM by TransUnion works for you to have control of your credit experience. Here's how the system works with the following example:

When you apply for a new credit card, the granting entity requests a copy of Your Credit History-that is, your credit profile-to TuCrédito. This causes your "Credit History" to record an "inquiry". The granting entity uses Your Credit History and scores or scores along with other information such as income and claims to determine what fees to offer.

When you use your new credit card, the lender reports your activities to TuCrédito (and similar entities) approximately every 30 days.

We update your Credit History as we receive new information from credit grantors or loans. Your Credit History is changing according to your financial activities. The next time you apply for a credit card or loan, the process will be repeated.

Your Credit History-Your Credit History is divided into three main sections: consumer identification information (name, address, date of birth), account payment history, and inquiries. When you open a new account, you make or skip a payment or you move, these sections are updated with the new information.

Correcting inaccuracies-Your Credit facilitates the process of correcting inaccuracies. You can make claims on the accounts you need in Your Credit History.

As provided by Law 172-13, on the Protection of Personal Data, you have the right to rectify, modify and cancel the information that refers to you registered in the databases that may be illegal, inaccurate, erroneous or expires

How to work with the system-A good management of your credit and maintaining a good credit history can result in better rates on important purchases. Our recommendation is to review Your Credit History frequently, at least every three months before making major purchases, to protect yourself from harmful inaccuracies and identity theft. The Alerts service allows you to stay informed and have online access to Your Credit History. Routine checks, payment of your bills on time, keeping your credit card balances below 35% of your limits and correcting any negative inaccuracies, will help you maintain a healthy credit profile.

The above advice and recommendations are simple suggestions, which may or may not be useful to you; each consumer must carefully evaluate their personal financial situation before making decisions that could affect their financial and / or credit situation. Before making a major credit or financial decision we recommend you seek professional advice. TransUnion is not responsible for the consequences that could result for each user to follow the recommendations noted above.