Having debts with banking institutions can be a big problem or anguish if you do not make your payments on time. Here we will tell you How to Know if I Have Bank Debt and thus avoid entering the black list of delinquent debtors, which can cause inconveniences such as penalties, fines and having a negative credit record.
Thus, you cannot stop reading the information that is displayed since it will surely avoid future inconveniences. Here you can learn how to check your credit history and much more. Don’t overlook this important information and get the most out of it.
How Do I Know If I Have Bank Debt?
When acquiring the debt, certain terms must be taken into consideration for payment, such as Capital, interest and the corresponding payment date.
In Bolivia, the Financial System Supervision Authority (ASFI) is the government entity in charge of supervising the financial entities that operate in the country for the protection of the client or user and to avoid credit fraud.
To determine whether or not you have bank debts, there are some options from the financial sector and others from the Bolivian government through the AFIS or the SBS. The options are as mentioned below:
- You must enter the web portal of the bank where you maintain the credit and check the debt you have with that financial institution.
- Likewise, you can go to the financial institution and request a credit statement.
- Likewise, you can make the query on the website of ASFI.
- Make your query the number of the identity card and personal data.
- Also, you can make the query by entering the web portal of the consulting or financial companies called Burós. You can do this by entering the personal data and making the query.
Now, you must select the query form that seems best to you to request the status of your bank debt.
How to Know if I Have Bank Debt: ASFI Blue List
The blue list is part of the policies that are established in the Financial Services Laws, Law 393. It was implemented in August 2013 and gradually they have been incorporating rules and regulations that benefit the financial consumer.
Likewise, there is the so-called black list where there are credit debtors who do not pay on time, or who do not pay their debts.
Benefits of being on the Blue List
The benefits according to the rules that can be reconciled with the banking entities are:
- A lower interest rate.
- Too, refinancing in the case of customers with payment problems.
- Also, the term for credits.
- Likewise, better conditions in guarantees requested by banks.
- Better grace periods at the time of credit applications.
- Get banks to assume payments of notarial expenses.
- Also, credit life insurance discounts.
To find out if you are on the Blue List as a bank debtor, you must go to the corresponding bank. Once there, request entry to the ASFI credit information center for control, verification and qualification for entry to the blue list.
The ASFI reviews the credit history and checks compliance with the payment requirements of the respective installments and then enters the blue list.
How to Know if I Have Bank Debt: Get Out of Debt
There are many people who do not know how to pay their debts in the Bolivian Financial System. You only have to enter the official web portal of the banking entity where you have the debt and locate where you indicate credits and make the respective query.
Then you must follow the steps indicated there to make the partial or full payment of the debt you have. Then, you should not forget the payment dates of the installments corresponding to the balance of the debt.
The so-called economic debts include bank debts, interest and arrears due to late payment. All this means a cost that is incurred with financial institutions in different ways, there are two types of financial debts are the following:
Fixed-cost financial debt
They are debts of companies that have the power to issue some type of bonds. It is for financing with a fixed cost for a specific term.
Variable cost financial debt
Are those debts linked to a reference variable such as London Interbank Offered Rate (LIBOR) or Euribor, British Banking trades with extraordinary interest.
These payment or economic commitments show a delinquency or exclusionary status for clients who delay or delay their payments. The financial entities show the capacity and registered payment habits.
The Bolivian state makes the App available to make debt inquiries in the financial system. Only, by placing the identity card or the user’s name, the query is accessed.
Keys to Knowing Your Credit History
Without a doubt, knowing your credit history is something very important, that is why the keys to knowing it are indicated here. The keys are specified below:
- The requirementIn other words, the request must be made in two of the credit information bureaus that exist in the country, as well as in the ASFI.
- Prices: this procedure has no cost if it is done once a year. But, in the case that the credit history is required on other occasions it has a cost of 8.35 Bolivianos in INFOCRED and 20 Bolivianos in FINCONTER.
- The company: the records are requested by banks, cooperatives, financial institutions, among others. This service is requested and used with the permission of the client.
- The rule: BICs are used in banking to collect, store, consolidate and process the information corresponding to the financial system.
- Information center: the main source of information for the bureau comes from the credit information center of the ASFI. The ASFI registers all the credit operations of each of the country’s financial entities.
- Documentation: The person interested in knowing their debtor history must go to any of the BICs and bring all the documentation. Attach the authorization form and the copy of the identity card.
If you want to delve into the information go to this link.
How to Know if I Have Bank Debt: Frequently Asked Questions
Now it is important that you pay attention to this section, here are the questions that users most frequently ask:
Can you easily get off the ASFI Black List?
Unfortunately the answer is negative. In order to get out of the so-called black list, you must be very punctual with the credits that are requested from banks. There may even be penalties, depending on the case and its severity.
What are the benefits of being on the Blue List?
Regarding the black list, the blue list contains all the clients who paid very on time and have an excellent credit payment record. Therefore, given this behavior, they obtain certain benefits that highly favor them when applying for new bank loans. They can get advantages in interest rates, commissions and more.
What is the ASFI?
This governmental entity known as ASFI, has its own autonomy, financial administration, legal authority and maintains financial control in the country. This has a beneficial effect on the entire Bolivian society in the economic and financial sphere.
The ASFI is a body with very clear criteria on the form of administration and control of public and private finances. It is the entity that authorizes the proper functioning of financial entities in accordance with the fulfillment of Law Decree No. 393 of 1997.
It was an entity created based on the restructuring process of the Superintendency of Banks and Financial Entities. Over time, autonomous supervision and inspection has been achieved in all financial entities in the country, that is to say: insurance companies, banks or banking institutions, stock exchanges, among others.
This institution is responsible for the protection of savings and the stability of the financial system. Likewise, it watches over the rights of the consumer. financial and promotes quality on the part of the entities.
After reading How to Know if I Have Bank Debt, you have been able to find excellent information and have certainly clarified doubts and concerns pertaining to the subject. Now we hope that you share the information with anyone who considers it very useful.
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