Establishing Credit in Peru

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IntiPeque
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Establishing Credit in Peru

Postby IntiPeque » Sat Dec 19, 2020 10:17 pm

Any tips on the best way to establish credit in Peru?

Are there certain circumstances where you would need to have it (like renting a long term apartment)? I just read about an expat couple who are applying for a home loan in Peru - the bank asked for their US credit score but the credit they had established in Peru was more important.

Are there good credit cards to apply for?


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alan
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Re: Establishing Credit in Peru

Postby alan » Mon Dec 21, 2020 9:20 am

All the banks and credit cards share basic debtor information and in my experience --more than having a "good" score, you want to avoid having a "bad" score. In other words, you want to keep your name out of "infocorp" (which is run by Equifax). I have been asked to show this report, which basically shows that you haven't been denounced as a bad payer, when trying to rent properties.


Check this link: https://www.equifax.pe/personales/produ ... corp_plus/


If you are taking a loan at your bank, besides your payment record, they are interested to see how large your previous loans have been, and how much you use your credit card (and how punctually you pay), but mostly they are also very concerned about your income side, which for expats is sometimes difficult.
IntiPeque
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Re: Establishing Credit in Peru

Postby IntiPeque » Mon Dec 21, 2020 11:12 am

Thanks Alan.
Wouldn't infocorp keep information on both positive & negative credit histories or does it just keep a list of times when someone has defaulted on a loan or paid late - hence stay out of infocorp?
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alan
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Re: Establishing Credit in Peru

Postby alan » Mon Dec 21, 2020 12:05 pm

Thanks to Google Translate:
https://soluciones.equifax.com.pe/e-com ... recuentes/

We are all at Infocorp. There is a myth that only people with a negative trace on their credit history are in Infocorp. However, all Peruvians of legal age are in Infocorp, the correct question is how am I in Infocorp?

If a person pays their debts on time (credit cards, loans and taxes, for example), they will appear in Infocorp with a positive rating; whereas if this person has been in default of financial obligations, they probably do not have a good rating. Maintaining a good credit history allows you to more easily access better financial products and even obtain better rates and conditions.

3. What is the Debt Report?

It is the document that contains information on the debts registered in Infocorp of a person or company. The Infocorp debt report contains the most complete information on the Peruvian market, consolidates the indebtedness of the financial system, commercial debts, debts to service companies or government entities, among other categories. If debts are paid on time then the report is favorable for credit analysis and represents a good sign to obtain better credit conditions and conduct safer business.

4. What is my Equifax score?

It is a rating that predicts the probability of payment of your debts in the next 12 months, and is taken into account by financial institutions when deciding to grant a loan. The strength and reliability of the Equifax Score is based on the volume of credit information that Infocorp has as the credit base of Peru.
woodchuck
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Re: Establishing Credit in Peru

Postby woodchuck » Wed Dec 30, 2020 2:54 pm

I do believe the OP has yet to be answered.
"What are the good credit cards to apply for?"
Best wishes & Happy New Year to everyone.

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