When applying for a financial product such as a loan, it is important to take into account how the applicant’s credit profile is made up, since this element will be crucial to assess what the access possibilities are.
The credit profile is a set of information used by banks or financial institutions to evaluate loan applications requested by people, in addition to what amount was requested and what is the repayment term. This data builds a record or history of all the steps that a client takes in the world of finance.
Thus, when a person decides to request a financial service they should know what to consider when requesting a loan. For example, Wenance is an Argentine Fintech that, through its products, Welp and Mango, grants online credits to the entire country. When its users enter the web platform they can see what are the requirements that, as applicants, they must meet to access a loan. Although the forms are very flexible, it is important to have a basic notion of the credit profile to know in depth what amount is appropriate to the possibilities of that person.
The importance of knowing your credit profile
Financial entities evaluate the profile of those who request a loan. As a result of this information, they establish a score or score that indicates how the credit profile is in relation to debts, income and other factors that include the economic status of that individual. Once the analysis is complete, the creditor determines whether to accept or reject a request, how much money to lend and under what conditions they can lend.
As can be seen, the credit profile is the key link that establishes whether or not a person accesses a loan and therefore it is important to know one’s own. In fact, this gives a general glimpse of the possibilities that you have as an applicant compared to financial services.
How to know my credit profile?
To know your own credit profile, as a first measure you have to check if you are part of the Veraz. This is a list managed by the Central Bank of the Argentine Republic (BCRA) that contains information on all those Argentine citizens who have an economic debt.
Just by having a CUIT or CUIL number, the interested party in checking if it is part of the Veraz list can enter through an electronic device -either a cell phone or a computer- to the web address usuariosfinancieros.gob.ar. By completing a very simple online form, the user will see if they have debt or not and what debtor status they have.
When an applicant is part of the list, they usually have difficulties accessing a loan since being part of the Veraz means that for the financial system, that person has a reduced quality of payment. And, therefore, it involves a greater risk than other individuals.
Although payment plans can be requested to pay off debts and improve the credit profile, there are creditors such as Welp who, with the support of Wenance, offer online loans even to people who are part of the list. This happens because, in addition to the Truthfulness, they take into account many other factors that make up the profile such as income and understand that many clients turn to a loan even to pay off their debts.
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