What is the first thing you think when you hear about the “bureau”? Surely, you relate it to credits, debts, pending payments, etc. And, although the credit bureau has to do with financing, this is not the only bureau that exists in the world of personal finance. To avoid confusion, in this post we explain the main differences between the credit bureau and the bureau of financial entities.
Main differences between the credit bureau and the bureau of financial institutions:
These two institutions are completely different and independent of each other. The first is a private institution that is responsible for collecting the entire credit history of people. It operates autonomously, and does not depend on a government institution or a bank. The second is a tool created by the Ministry of Finance and the Condusef.
Despite the bad reputation of the credit bureau, it is not responsible for bulletin or block loan applications of certain people. The bureau of the only thing that is in charge is to keep a record of the payments and their punctuality. On the other hand, the BEF (Bureau of Financial Institutions) seeks to offer the greatest amount of information on financial institutions in the country so that users can make more informed decisions.
The company commonly known as “the bureau” does not decide who to give or not finance, nor can it determine the conditions of a loan, such as interest rates or payment terms. The bureau only keeps a record of people’s financial activity. For its part, the BEF shares the information of banks and financial institutions operating in the country. The BEF database is limited to institutions that are legally constituted and recognized by public bodies. This means that in the BEF you will not find data about lenders or informal financing means.
Although their objectives and scope are very different, both bureaus offer many advantages for people’s finances. First of all, by having a history within the credit bureau it will be easier to acquire new financing, as well as better loan conditions. And, secondly, consulting the BEF will help you compare and choose the financial service that best suits your needs.
Take advantage of the benefits of both bureaus and start improving your personal finances. Before you apply for a loan online, consult the BEF for the qualification of Leah Tissy Mexico and find out why we are your best option in online loans. Sign up today and receive your first online loan with 50% discount.