What is Financial Credit Institutions and how can I get out of it.
What is Financial Credit Institutions?
When we talk about Financial Credit Institutions we do it to refer to the National Association of Financial Credit Institutions. This association is responsible, since the fifties, to collect in a database the defaults in which a company or an individual may have pending.
This file has become one of the most consulted by credit companies. Including banks Faxines is the company responsible for preparing this file.
How can I end up in Financial Credit Institutions
One of the most frequent questions that arise about Financial Credit Institutions is how you can end our name inscribed in that list. In order for a company to which you owe money to include your name in this file they must be a member of Financial Credit Institutions. In general, the companies that adhere to these services are the following:
- The banks of a lifetime. Savings banks included.
- Most of the companies that offer financing for the acquisition of consumer goods. For example a car dealership or large stores that sell products such as appliances or furniture.
- Different service companies. From supply companies (such as electricity and gas), to telecommunications.
These companies may decide to include your name in the file if you are permanently late in paying your bills or if you have any outstanding accounts with them.
How can I leave Financial Credit Institutions?
Being enrolled in Financial Credit Institutions is a serious problem when we want to apply for a loan. For example, if you go to your traditional financial institution (that is, your lifelong bank), you will be denied access to credit. Since one of the main characteristics that they request to grant credits is not to be registered in delinquent lists.
And as we have explained, delaying the payment of the telephone bill can be a reason for you to be registered in this list of delinquents.
There are several ways out of Financial Credit Institutions:
- Pay the outstanding debt. Without a doubt, the most effective method of leaving Financial Credit Institutions is to pay the debt we have acquired with the company that has requested that our company or name be included in the registry. However, sometimes this seems impossible because it requires money that is not available. Luckily, companies such as Private Credit offer loans with Financial Credit Institutions to all types of customers. This way you can exit the delinquency file and opt for other types of loans. For example accessing a mortgage.
- Wait 5 years. All debts recorded in this file prescribe after 5 years. In other words, if you have not paid the debt during this time or need to apply for any loan, you will not have problems. At 5 years you will disappear immediately from the delinquency list.
- Use ARCO rights. According to Law on the Protection of Personal Data, we have the right to cancel, rectify and even oppose our name or that of our company being registered anywhere. To use this right you must access the Spanish Agency for Data Protection and use the cancellation form.