Understanding how the credit score works can be essential for those looking to obtain financing and loans easily.
In Brazil, several companies are allowed to calculate the score, and each has its own metrics and classifications. So, let’s explore how the credit score is calculated in 2024 and what are the strategies to improve your score.
How is the credit score calculated in 2024
To calculate the score credit, companies such as Serasa, SPC Brasil, Boa Vista, Quod and TransUnion Brasil use the Positive Registry, which gathers consumers’ financial information. Each company can assign different weights to this information and determine a score for each consumer.
Credit score classifications
Score classifications vary depending on the credit bureau used.
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Serasa: It varies from 0 to 500, being considered low up to 500, good between 501 and 700, and excellent above 701 points.
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SPC Brazil: Classifies as high risk up to 399 points, medium risk from 400 to 599 and low risk from 600 points, improving significantly from 800.
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Good view: scores below 549 indicate difficulty obtaining credit. From 700 onwards, the conditions offered by institutions improve.
What impacts your credit score
Several factors can influence your credit score, including:
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Family finances: at Serasa and SPC Brasil, it does not have a direct impact, but Boa Vista takes family income into account.
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Place of residence: while in Serasa it is not considered, in SPC Brasil and Boa Vista it is, due to the different purchasing profiles in different regions of the country.
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Age and gender: Age is relevant to identify different purchasing behaviors, but gender has no impact.
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Fixed income and investments can be considered by some companies, such as Serasa and Boa Vista, through a banking connection.
How to improve your credit score
There are several strategies for improving your credit score, including:
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Renegotiate debts to eliminate negative debts.
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Avoid frequent consultations with the CPF by companies.
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Maintain a good payment history.
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Use different forms of credit and demonstrate financial responsibility.
Credit score update and memory
The credit score is updated daily, but some information may depend on the update of the Positive Registry or the payment invoicing period.
The memory of the score varies between companies, with Serasa considering positive data from the last 12 months and negative information can be considered for up to five years.
Understanding how your credit score is calculated and what impacts your score can help you make more informed financial decisions and improve your credibility in the market.
Use the strategies mentioned in this guide to increase your score and guarantee better conditions in future transactions. credit. Always remember to check your score regularly and maintain a good financial history.
