Apoyo Financiero reports your payment history to several credit information bureaus so that you can start creating your own credit profile. Therefore, it's crucial that you understand personal credit reports and your credit rating (or score):
The Credit Bureau will start to grade your payment behavior through points or a score. The higher your points or score is, the better your credit.
Make loan payments on time and for the correct amount.
Remember to never assume a debt on behalf of other people because if they do not fulfill the payment obligations, your credit profile will be adversely affected.
Keep your outstanding debt as low as you can. Continually extending your credit close to your limit is viewed unfavorably.
There are 5 crucial aspects to consider:
a. Payment History: Also known as payment performance, is the record you've established by either paying your bills on a timely manner or by paying late.
b. Amount Due: Is the money you owe per account. It also informs you about the credit percentage you have used and the percentage of the debt you still owe.
c. Length of Credit History: Is the amount of time that has passed since you opened the accounts.
d. New Credit: Is the updated information of the accounts you have opened and the credit applications you've made recently.
The Department of Financial Protection and Innovation (DFPI) requires that Apoyo Financiero, Inc. provide information regarding our Financial Literacy Program, which is delivered by
the National Financial Educators Council (NFEC) online. The Financial Literacy Program offered by Apoyo Financiero and the National Financial Literacy Council (NFEC) is available free
of charge for all our clients. You can register for the program at the following site: www.ocl.apoyo-financiero.com