To understand how a missed payment on a credit, a cancellation, or which institutions have reviewed your credit history has affected you, it’s crucial to consult your Special Credit Report (SCR). Generated by Credit Information Companies (CICs) like Buró de Crédito and Círculo de Crédito, the SCR summarizes your credit activity and should be reviewed at least once every 12 months to prevent and detect issues such as identity theft.
Key Information in Your Special Credit Report
The SCR allows you to review the movements of the past two years, check balances, credit limits, and how you’ve utilized each line of credit. This information empowers you to make better financial decisions.
- Credit Movements: The SCR provides a detailed account of your credit transactions over the past two years, enabling you to track your borrowing and repayment patterns.
- Credit Limits and Utilization: It displays your credit limits for various lines of credit and how much of that limit you’ve used. This helps you understand your credit usage and its potential impact on your credit score.
- Outstanding Balances: The report shows any outstanding balances on your credit accounts, allowing you to monitor your debt levels and plan for timely repayments.
Cost and Considerations for Accessing Your Report
You can request your special credit report for free once every 12 months from each CIC. If you need a second review within the same year, the cost is approximately 35.60 pesos for Buró de Crédito and 34.50 pesos for Círculo de Crédito.
Keep in mind that each report only includes information about credits granted by institutions collaborating with the specific CIC you consulted. Therefore, you might not see all your financing in a single document.
Key Questions and Answers
- What is a Special Credit Report (SCR)? The SCR is a document generated by CICs that summarizes your credit activity, including active credits, payments, late payments, and inquiries made by institutions.
- Why should I review my SCR? Regularly reviewing your SCR helps you detect any discrepancies, such as missed payments or unauthorized inquiries, and ensures your credit information’s accuracy. It also aids in identifying potential identity theft issues.
- How often can I access my SCR for free? You can request your SCR once every 12 months at no cost from each CIC.
- What information does the SCR provide? The SCR offers insights into your credit movements, limits, balances, and utilization rates for the past two years.
- Can I view all my credits in a single SCR? Each CIC only includes information about credits from collaborating institutions, so you might need to consult multiple reports to view all your financing.
