Mexico January 2020. (apro) .- “In Mexico, 72.3% of individuals do not consult or ignore their Score Credit Rating (English) or “Reporte de Crédito” (Spanish) by Dun & Bradstreet Company other name is called “Buró de Crédito” also from other similar companies such as Transunión and Circulo de Crédito from México, in addition to which only 27.7% have requested an updated report of Score Credit Rating in the last year according to a survey by the financial services platform Coru and Brad Engagment.
It must be remembered that in Mexico “No one can” consult the Score Credit Rating or Reporte de Crédito of an individual or company without explicit authorization and an autograph signature.
FAQ- (Frequently Asked Questions)
Who does Score Credit Rating and other Background Check in Mexico?
Currently are Dun & Bradstreet, Círculo de Crédito and Transunión de México SIC doing Score Credit Rating but there are other companies specifically dedicated to obtaining data from individuals or legal entities (companies) and selling them to corporate companies which use the information for evaluating a new financial or legal trade relationship between companies or individuals.
What kind of Background can be Evaluated in Mexico in addition to the Score Credit Rating?
In Mexico can be additionally evaluated:
1.- Legal Background to understand processes of previous claims, causes and resolutions in detail.
2.- Bankruptcy Background.
3.- Background of Fraud.
4.- Background of Black Lists related to Terrorism and Organized Crime.
5.- History of Tax Payments.
6.- Delinquency Predictor Score.
7.- Financial Stress Score.
8.- Supplier Evaluation Risk Rating.
9.- Viability Rating.
10.- Legal Background of Assets and Collaterals.
What are the most common mistakes from evaluation in other backgrounds reports in Mexico?
The most common mistakes are:
a) The background check companies do not have a national database and they are only regional data.
b) The Report Data is not confirmed by the sources of the background check.
c) On the issued reports can be wrong information or mistaken data because of Individuals with the same name.
d) The data reports can be very old or being incomplete from non-official sources.
e) Non-existent or insufficient information because the individual or company has never applied for credit or had any legal activity.
f) The background check companies are not certified by any official or international organization and they are exposed to events of corruption reporting false positive or false negative cases.
g) Hiring Non-financial Back Ground Specialist like: Lawyers, Accountants, Policeman, Executives or Independent Firms that do not have certifications or previous experience.
Mexico, have clear laws over companies that Evaluates and rate Score Credit information, which are called SIC´s (Sociedades de Información Crediticia in Spanish) that are regulated by the country's financial authorities, but there are missing parts in some additional laws of the processes for application, underwriting credit origination and certify the rest of the background check companies to avoid false or incomplete information being given to new companies or inexperienced executives due to the most common errors mentioned above.
