Does my credit history hurt that another entity buys my personal debts?

Are you considering opting for a debt purchase but fear that your credit history will be affected? Then it is important that you read this article carefully.


What is the credit history?

credit history

Credit history or credit history is a report in which personal financial records are collected. Therefore, your credit history includes all your actions with financial entities, both positive and negative. It can be said that it is an instrument that allows institutions to deduct your behavior, especially in credit payments.

In Peru, the Superintendence of Banking, Insurance and AFP (SBS) allows to publicly know part of the credit history of citizens. In its portal you can check your credit rating and credit lines granted that you have not used. Also the credits that you currently have with financial institutions.

Likewise, it is possible to consult partial information of your credit history in the Central platform of Alerts and Debt Report. This service is offered by Sentinel Peru and allows you to perform credit monitoring for free and secure.


How does my credit history hurt the purchase of my debts?

How does my credit history hurt the purchase of my debts?

When you opt for a debt purchase, basically, what happens is that you get a new personal credit. Only that said loan is used exclusively to settle a set of your previous debts with other entities. On the one hand, you honor your previous payment commitments and, on the other, you acquire a new commitment with another institution.

Therefore, there is no reason for your credit history to be affected by the purchase of the debt. Quite the contrary, with this measure it is very likely that you avoid, at least temporarily, fall into default with your payments. And any late payment will undoubtedly be harmful to your record.

In conclusion, going to a debt purchase does not harm your credit history.

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