Datacredito Experian explains: You have already received your first credit, now what?

When you get your first loan you can ask yourself: what now How can I manage it properly? DataCrédito Experian explains to you the best way to maintain this credit, which is not only the beginning of your credit history but also of your financial reputation. This history allows agencies to assess your ability to manage and meet your payment obligations.

It is important to understand that, in general, Colombia has a good credit behavior. According to DataCrédito Experian, 7 out of every 10 Colombians access to a variety of credit products recorded in your history, which represents a portion of 29 million adults who are considered the visible population who, through their credit information, have a guarantee of reputation to access financing methods. This is in addition to the fact that 93% of the information recorded in these reports is positive.

Likewise, it is important to know that first credit experiences usually have a common pattern. A significant 22.9% of those who receive their first credit opened their savings account in the past year, and 18% did so between one and two years before. This highlights the savings account as an effective strategy to achieve financial inclusion and gain visibility in the credit system.

In addition, different sectors have been very important in this visibility and access to the first credit. The telecommunications sector, for example, leads with 46.5% of first credit openings, followed by the real sector with 30.9%, the financial sector with 21.2% and the cooperative sector with 1.4%. This shows how individuals rely on multiple departments to build their credit history.

“We will identify a trend and that is that as people gain more credit knowledge, the role of the telecommunications sector is decreasing, while the real sector is growing significantly. “This change demonstrates how the right credit management and diversification across sectors plays a vital role in building a strong financial reputation and how it opens the doors to access to other financial services, ” celebrating Santiago Rodríguez, PhD. professor at the Universidad de los Andes and consultant to DataCrédito Experian.

What should I do after I get a loan?

• Understand credit terms: It is essential to read and understand the terms of the credit agreement, including the interest rate, payment term, the value of the payment installment and the penalty conditions. This will help avoid unexpected times in the future.
• Know your ability to pay: It is necessary to be clear about what you can allocate to pay your credit without affecting your basic needs.
• Pay more than the minimum: When the interest rate is high, if possible, make payments above the required minimum so that you can reduce the principal and interest more quickly.
• Multiply your financial results: As you gain experience, it is wise to diversify your financial products, such as credit cards, personal loans, or vehicle credit, which will help you strengthen your credit history. As the data suggests, a savings account is an important gateway to greater credit in the future.
• Check your credit history: Regularly reviewing your credit history will allow you to analyze how you have managed your obligations and make informed financial decisions, which will help you maintain good financial health and access to better credit opportunities in the future. You can check your credit history for free through Midatacredito (www.midatacredito.com).

“Getting your first loan is the beginning of a financial journey. With responsible financial management, making informed financial decisions and a focus on education, Colombia can move towards greater inclusion in the financial system. The best thing is that they continue to expand their credit knowledge so that they have better financial options.”says Santiago Rodríguez, PhD. professor at the Universidad de los Andes and consultant to DataCrédito Experian.