Being aware of your credit rating today is very important, because, due to the large number of cases of data theft, we are exposed to scammers opening accounts in our name, but there is already an extremely useful tool for Latinos.
Understanding financial documents is sometimes difficult, especially if English is not your main language, so you will like to know that now you can get your credit report in Spanish, and for free.
In this country, our credit rating is extremely important.
“It is as if we have the notes from the school, which tells financial institutions how good we are at lending us money,” said Vilda Vera Mayuga, spokeswoman for the Department of Consumer Protection.
The companies that rate our credit history are 3: Equifax, Experian and Transunion. and Equifax recently announced that, for the first time, it will offer this information in Spanish.
It will be the first and only comprehensive credit report, translated into Spanish, said Beverly Anderson, president of Equifax global consumer solutions, who invited people to visit the page. equifax.com/micredito
He explained that the report provides a large amount of information so that consumers can monitor their finances, and make adjustments where necessary, including eliminating accounts that they have not opened, if they are detected.
It is important to know that people who have a score of 700 or more, can receive better terms and interest when obtaining loans. But beware, if your score is less than 700, you will have trouble getting credit.
“Maybe the maximum balance they give you to borrow or the maximum balance you can have is $ 500, but they charge you an interest rate of 28%,” said Vera Mayuga.
And your score will continue to go down if you don’t pay your bills or pay them late, for you to take into account.
The good news is that, due to all the fraud detected during the pandemic, anyone who wishes is being offered to check their credit report for free, up to once a week, and that offer will remain in effect until April 2022, remember If you find errors, you should dispute them immediately because you could have been a victim of identity theft, which is why it is so important to review your report carefully.
“Sometimes everything has been done online and it is not until we review our credit report that we realize that someone has taken our identity,” said Vera Mayuga.
Right there, where you check your credit report, they explain how to resolve erroneous accounts, or if you realize that you were a victim of identity theft, they help you freeze your credit, to prevent imposters from opening more accounts, in your name.
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