Applying for a loan for the purchase of debt is an option that can generate an improvement in personal finances. This allows you to organize debts in a single financial institution and obtain lower cost for your current credits. It will always be possible if you have an adequate credit history backed by the risk centers. And if this is not the case, can you still have a debt purchase while in Infocorp?
What is Infocorp and how does it influence the purchase of a debt?
Infocorp is a report made by a company called EQfax , which allows you to know your credit history. This report describes how your behavior has been at the time of payment of the loans received to date. This information allows financial institutions to predict how your behavior will be when applying for a new loan.
The Infocorp contains a report of delinquent debts, which indicates if you have recently failed to pay your credits. Any situation of default that you present in the last five years is somehow reflected in that report. They are manifested from delays in payment of installments of a credit card, to the default of a mortgage loan.
Can I access a debt purchase while in Infocorp?
When Infocorp reflects a tendency to default on your debts, institutions take action. This understands that you are a client that is risky to lend, because you tend to have problems with your payments. And many of them simply do not grant loans in these cases, including the purchase of debts.
And even if some institution agrees to grant you a loan to buy debt, it probably won’t be favorable. This is because the bank considers you a high-risk customer, which increases the interest rate of the loan. And that probably translates into a higher interest rate than your debt currently has. And in your right mind, you will never accept paying a higher fee and a more expensive loan.
The best option in this case is to request, in the financial institution that granted the loan, a refinancing thereof. You can obtain some conditions that allow payment to be more easily serviced, although this will mean a higher cost. For example, you can increase the amount of fees, so that the payment of each of them is lower.