How the LC key affects your history

Although the Credit bureau is actually an entity that is dedicated to collecting information on the behavior of accredited users, many people still believe that it is a kind of list in which only those who have fallen from financial disgrace appear. The truth is that it is not something from the other world since the job this company consists of providing data on the credit of users so that banking institutions and Business have enough information to make a decision about whether to approve a loan to a particular person and under what conditions.

It is only when users who purchase financial products, in the form of loans or credits do not comply with the agreed payments in a timely manner that they begin to have problems, and in their history of the Bureau certain keys such as the LC may appear that have certain implications.

With this and other keys, financial institutions help each other to decide the maximum amounts and the interest rate that they will offer to a loan applicant. The LC key In particular, it can reduce your access to loans with better conditions, given your background handling loans.



This is because the key in question indicates that by lending the user there is the possibility of experiencing a non-payment or that you get into debt because of this mark in your credit history, in addition to that your credit score – a kind of qualification as a debtor that facilitates the interpretation of the history – is also significantly reduced.

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The LC key is a sign that you have negotiated debts that you already had under the repayment scheme; and if, additionally, numeral 97 is attached to it, you will be marked for having spent more than 12 months in getting up to date and the deduction was used so that a part of the original debt was forgiven.

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According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef) a quita consists of an agreement between the debtor and his creditor in which the discount is agreed to the total balance of the debt that will allow the remaining amount to be settled as soon as possible.

For this agreement to proceed, it must be requested from the bank or financial advisor so that the parties reach an agreement and a solution can be given to the debt that was dragging.

LC key

When they extend you a credit, and therefore you acquire debt, the only way to get out of it is by paying. Any other solution will give you a precedent that can become a burden when it comes to new loans, and so that they do not mark you with the LC code, do not agree to pay a lower figure than the one they originally loaned you.

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Pay as agreed at the beginning and you will get out of debt only by paying that number, or otherwise the key will take up to 6 years to erase from the history, following you in each new procedure.

If it is difficult for you to settle your debt, it is better to request to restructure it to pay the same amount under a scheme if you can fully comply.

For more information on this and other topics, visit the Credits section of My Pocket.

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