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Anyone who has set up a savings account, checking account or other financial obligation with a company in Colombia can be registered at a credit center.
Please note that this entry does not necessarily have negative consequences. However, if you do not pay off your debts, the situation can change completely.
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Risk centers are based on a specific score that reflects a person’s level of financial responsibility. When a person fulfills his obligations, positive reports are created, and conversely, when he does not fulfill his obligations, negative reports are created.
Why is the information registered in risk centers important?
A financial institution can report an individual for non-payment by making it visible to other financial institutions. This may affect the maximum amount another company is willing to lend you if you need a loan.
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How long will this report stay in the risk centers?
Central risk report
EL TIEMPO archive
The legislation provides that in the event of non-compliance or delays of at least two years, the period for negative reporting is four years from the date of payment or expiry of the obligation.
In cases where the delay is less than two years, the negative report will remain valid for twice the duration of the delay, counting from the payment of the overdue installments.
However, positive information is stored in the credit history indefinitely.
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What happens to debts that have not been paid for several years?
According to Banco Finandina, the country has a “debt statute of limitations”, which means that the debtor is no longer obliged to pay and the creditor can no longer demand payment of these debts. However, the debts are not going away.
In other words, they don’t charge you any fees, but the negative report remains on your credit history and affects your credit score. In many cases, your savings account could even be at risk from possible seizure.
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SOFÍA DÍAZ RICO
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