Anyone who wants to access the world of micro loans and wants to be a beneficiary of a credit of these characteristics must know several important concepts, among which is Financial Credit Insitutions. We will tell you, throughout this article, everything you need to know about it, so that you know in detail how it can affect you when applying for a low loan amount.
What is Financial Credit Insitutions exactly?
Strictly speaking, Financial Credit Institutions is a set of acronyms that responds to the National Association of Financing Entities (now called the National Association of Financial Credit Establishments). Founded in 1957, it is constituted as a business association that unites all the entities considered as financial institutions (this includes banks, financial entities, electricity and gas companies, insurance companies, telephone companies, publishers, public administrations …).
However, normally, when you name Financial Credit Insitutions, you are not talking about this Association in general, but about what it is best known for: your record of defaulters. And it is that this Financial Credit Insitutions File is constituted as the widest database destined to collect the identities of those that have ever failed to pay and repay a debt.
It must be taken into account that, in reality, Financial Credit Insitutions is not the only default file in Spain. Although it is true that it is the largest, the truth is that many others are commonly used by Spanish entities; stand out Experian and Badexcug, among others. As an illustrative figure, in 2011 the Financial Credit Insitutions registry had more than four million registered people, who together had a debt of over seventy billion euros.
In this way, although we only refer to Financial Credit Insitutions, the information that we will show you will be equally valid for all the existing files in the Spanish territory.
What is it for?
The main purpose of the existence and maintenance of this file is to assess the solvency of a natural or legal person. In this way, before granting us a loan, or providing us with telephony services or supplies, or any other similar service, the interested company consults the file, in order to check whether the potential client is included and thus know the risk of hiring with the.
In short, it allows financial institutions to know the greater or lesser confidence that they can provide to a potential client that requests their services.
You have to understand the huge profits that files of defaulters give to this class of entities. Since the beginning of the crisis, banks have lost millions of euros for having given loans to those who, finally, have not been able to repay them. As a result of these millionaire losses, they have hardened ostensibly the requirements at the time of lending money, and among them is to pass all the filters related to the records of defaulters.
How to know if you are included in the file?
Although, in response to the comments, it is very common to think that you have to have unpaid many debts and for a long time so that your name appears in the file, the reality is very different. The truth is that, with you have stopped paying once, it is likely that your name has been immediately included in the record.
And, although the Law requires that in order to be considered a true defaulter, a certain and enforceable debt must have been due for a period of 6 years; The reality is that Financial Credit Insitutions has been condemned many times for not respecting these demands. Thus, although it should only include the names of those who are fully insolvent, or bad payers in general, or large defaulters, it is sufficient not to pay a telephone or electricity bill to become registered in the file.
In this sense, it is very common to be included in this registry, since who has not stopped paying for any reason, a debt? Now, to be able to leave doubts definitively, the ideal thing will be to directly consult the content of the file, to which we can accede through several ways.
Among them is to call each file of defaulters by phone, one by one; or to send them an email. Thus, with respect to Financial Credit Insitutions, their contact telephone number will be 917814400, although they will also have a physical office in the capital, on calle Velázquez number 64.
However, in order to save you time, we recommend you go directly to a company dedicated to the automatic query of all files. They simulate the same analysis that, for example, a bank would perform when assessing the concession or not of a loan for you. The most reliable company when it comes to performing this kind of tasks is eInforma.
You should not lose sight of the fact that both physical and legal persons can be included in Financial Credit Insitutions. In this sense, if you are the owner of a company that has stopped paying any debt, it will also be included in the file, so you can not be a beneficiary of the services of the entities that consult the registry.
Is Financial Credit Insitutions really legal?
As we have said, Financial Credit Insitutions has received several convictions for committing offenses against the honor of individuals, since it does not strictly comply with the Organic Law on the Protection of Personal Data and the guarantee of digital rights. However, these sentences have never gone beyond obliging Financial Credit Insitutions to erase the name of the complainant, so, in principle, this file has full legal consideration.
Now, it is also true that, thanks to that same law, in the same way that credit institutions can check the file, you can also access it for the purpose of knowing if it is included in it or not. The file, in this sense, is open to the public, being able to know if a person is in it if enough data are presented to look for it.
How to leave Financial Credit Insitutions?
The ways of leaving the Financial Credit Insitutions registry are numerous and very broad. To address them in the most understandable way possible, we will structure them into three main points:
- Exit through the payment of the debt: this may be the fastest way to erase your data from the file. Fundamentally, it consists of carrying out the fulfillment of the required debt, which will suppose the instantaneous cancellation of all the data that revolve around it, including those collected in Financial Credit Insitutions. This is established by Royal Decree 1720/2007.
- Exit through the use of ARCO rights: another way to get your data removed from this kind of database is through the means provided by the Organic Law of Protection of Personal Data and guarantee of rights digital In this law, the right to access, rectify, cancel and oppose the use of our data in Financial Credit Insitutions is collected.
For this, the most convenient will be to use the form that is posted on the website of the Spanish Agency for Data Protection. Now, in order to carry out the exercise of this right, we will be required to make a false or unjust debt for which we have been included in the file of defaulters.
- Exit waiting for the maximum term: this can be considered as the form to which you must accept as a last resort. In that case, in which you have not been able to satisfy the debt that is demanded of you, nor have you seen yourself in the position of being able to exercise your ARCO rights, the only thing left for you to do is wait. And is that current legislation requires Financial Credit Insitutions to delete the data of all those people who, having satisfied or not the debt, have already been registered for six years.
Financial Credit Insitutions and micro loans
As we have said before, traditional credit institutions, as a result of the consequences that have suffered as a result of the economic crisis of recent years, have hardened to a large extent the list of requirements that required all those who wished to be their clients. .
Among these requirements is that of not being, under any circumstances, included in the Financial Credit Insitutions or any other record or file of defaulters. Thus, it can be affirmed that if you are inside Financial Credit Insitutions, the traditional financial institutions will never take you into account and you will never be able to be a beneficiary of any of their credits.
However, in the face of this problem, it is worth mentioning the existence of so-called microloans.
The characteristics of microloans
In general terms, a microloan is that credit that, without exceeding eight hundred euros, is returned before six weeks.
Thus, together with the aforementioned elements relating to the amount and term of repayment of the loan, a loan in these conditions is characterized by other issues.
Among them, you will be interested with special relevance regarding the requirements to which they are linked. And it is that these are very few and easy to fulfill. In general terms, you will only be required to be in possession of a mobile phone and a Spanish identity card. Depending on the amount of the loan you request, you may also be required to prove that you are available from a reliable and stable source of income, with which you can deal with the future refund of fees.
In relation to Financial Credit Insitutions, microcredits will also be characterized by being able to be granted even if you are included in a file of defaulters. Thus, while traditional credit institutions will deny you any help if your data are collected in a debtors register, this will not happen if what you want is to request a microcredit from specific entities that are intended to grant this type of loan.
The usefulness of microloans
Starting, therefore, from the consideration that obtaining a low loan from the hand of companies aimed at this is a very simple challenge, the utility is more than understandable.
And they can not only serve you to deal with an unexpected or an urgent payment (that too), but to make a break, a trip, a break or anything else. Imagine that a set date is approaching and you still do not have money to buy the gift from that special person; imagine that you are granted vacation, but you do not have enough money to buy the flight destined to that place you have always wanted to visit … in front of all those cases you will find the microloans, which will be your friends.
In this sense, the usefulness of microcredits will be infinite, since infinite will also be the existing ways to spend it.
The speed of microloans
Along with its lax requirements of concession and its undeniable utility, as an advantage of the credits granted independently of Financial Credit Insitutions, we find its speed.
In just 48 hours from the moment you start the loan application, you will enjoy the money in your account, if it is granted. In this sense, in the face of the endless deadlines that are normally linked to traditional loans, the microloans will be a child of the digital age and, with it, they will go at the speed of light.
It will not be necessary to go to an office, or fill out infinite forms or anything like that. Just by accessing the web page, filling out a short application and submitting your data, the request can be managed and the money will fly quickly to your bank account. This will allow you to solve your urgent payment problems, or make short-term plans or, in general, be able to use the microloan money granted for everything you need.
In short, being included in the Financial Credit Insitutions defaulters file will be a problem for you if you want to be a beneficiary of a traditional loan. However, in the face of this issue, the micro loans will be placed as the most convenient option, because you can be a beneficiary of them despite being included in the registry.