My Credit Report

• What is a credit report?

  A credit report is a statement that contains information about your credit activity and current credit situation, such as your loan payment history and the status of your credit accounts.

• What is a credit score model?

  A credit score model predicts how likely you are to pay a loan back on time. A scoring model uses the information in your credit report to generate a credit score.

• What factors impact my credit score?

  Factors commonly considered by credit scoring models include:

  • your payment history
  • your current or unpaid debts
  • the number and type of accounts you have
  • how long your credit accounts have been open
  • how much of your available credit you are using
  • new credit inquiries
  • whether you’ve had a debt sent to collections, a foreclosure, or a bankruptcy, and how long ago it occurred
• How do I dispute and correct inaccurate information in my credit report?

  If you discover information on your credit report that you believe is inaccurate, you can take the following steps to dispute and potentially correct the information.  

  1. Identify the errors on your credit report. 
  2. Gather supporting documents that show your side of the story; for example, receipts or bank records showing that you made a payment on time that’s recorded as late or delinquent.
  3. Submit the information to the bureaus with a brief explanation (100 words or less). 

  You may find that some companies have forms on their websites that you can use. 

  You can also submit your information directly to the reporting lender. 

  After you submit your claim, you may need to wait 30 to 45 days before it’s resolved and the corrected information appears on your credit report. Note however, that if the inquiry confirms that the information is accurate, the bureau or lender won’t change it. 

  If your claim is related to the credit information provided by Popular, you may request a review by writing to us. Please describe the specific information that is incorrect, including supporting documentation, and send it to the following address:

  Banco Popular de Puerto Rico PO Box 71589 San Juan, PR 00936

  The letter must include the following information:

  • Full name
  • Mailing address
  • Account number in question
  • Date of birth
  • A detailed description of the issue and the resolution you are seeking

  If your claim is denied and you disagree with the resolution and wish to have your dispute reviewed further, other avenues for continuing the review include filing a complaint with the Consumer Financial Protection Bureau ( Submit a complaint | Consumer Financial Protection Bureau) or through the Office of the Commissioner of Financial Institutions. 

• How is my credit score calculated?

  In addition to calculating credit scores themselves, the three major credit bureaus, Equifax, Experian, and TransUnion, provide detailed information about a consumer’s credit activity to other companies that calculate a credit score. The two major companies providing credit scores are FICO^® and VantageScore. Each uses a proprietary method to calculate their score. 

  FICO ^® produces several models of their FICO^® Score to evaluate different types of lending. Models also vary depending on which bureaus provide the data for them. The most common model is FICO ^® Score 8, which along with FICO® Score 9, are widely used for lending. Both use data from all bureaus, as do most other models. 

  FICO® Score models that are more specific include FICO ^® Auto Score and FICO^® Bankcard Score, for lending associated with car purchases and credit card applications.  

  Mortgage lending uses FICO ^® Score 2, FICO^® Score 5, and FICO^® Score 4, which use data from only one of the three bureaus. 

  Disclaimer: FICO^® Scores are developed independently by Fair Isaac Corporation. Most, but not all, lenders use FICO^® Scores to determine a consumer's credit worthiness. We're not affiliated with FICO® and have no influence on producing a FICO^® Score. 

• How do I improve my credit score?

  You can take several steps to improve your credit score, but be aware that there are no quick fixes. You may be able to see your score tick up soon after you start trying to improve it. However, credit reports are updated month by month and it may take several months or even years before your credit score is where you want it to be. 

  1. Pay your bills on time. Late and delinquent payments make up much of what determines your credit score. You need to establish a good record of timely payments. Consider setting up autopay for your accounts.
  2. Reduce your credit utilization. Credit utilization is another important factor in calculating your credit score. Keeping low balances on revolving accounts, such as credit cards, will help improve your score. You can also reduce credit utilization by requesting an increase in your credit line—as long as you don’t use the increase in your limit to increase debt.
  3. Avoid opening multiple accounts within a short period. When you apply for credit, the prospective lender makes a hard credit inquiry, which is reported to the bureaus. Lenders may interpret making multiple credit applications as you facing financial troubles and looking to increase debt as a way out.
  4. If you have no credit history, or a thin credit history, you can look into other ways to help you build one. One solution is a credit builder loan, where you make payments into an account over a set period of time (usually one or two years). These payments are reported to the bureaus, so you build a credit history. Credit cards are also an option for building credit history, as some financial institutions offer credit cards without requiring a prior credit history.
  5. Keep older accounts open. Length of credit history works for you. The longer you have an account open, the more stable you look to the bureaus.
  6. Consolidate your debts. Too many accounts may work against you. Consolidating multiple debts into a single loan or line of credit makes managing your debt easier. Instead of making multiple monthly payments, you can pay off your debt with a single payment to one creditor. However, be cautious not to increase your credit utilization.
  7. Use credit monitoring. Improving your credit score is a project, a credit monitoring app is a critical tool for helping you manage your credit profile.  

  These recommendations do not guarantee a specific increase in your credit score, as each credit history is different and other factors may also influence the outcome.

• Why is your score different from others I see, such as Credit Karma or other banking apps?

  Each of the three credit bureaus (Equifax, Experian, and TransUnion) uses a different model to calculate a credit score and each gathers data independently.  

  The credit bureaus pull your information from many different sources (such as lenders, collections, court records) at different times, there will often be discrepancies at any particular time between the reports from each credit bureau. 

  The financial institutions and companies that provide your credit score use different methods. The most used models are FICO® Score 8 and VantageScore 3.0. Both range from 300 to 850.

• Why do the reported dates differ between accounts? Does that mean my score isn’t up to date?

  Lenders generally update their data on a monthly basis. However, the lenders may report data at various times during the month. If you’re waiting for a specific update, such as corrected information from a dispute, remember that it can take up to 45 days for the updated information to appear on your credit report.

• How secure is my credit data? Does anyone else, such as portal admins, have access to any of my information?

  Your credit data is fully encrypted and secure. No one else has access to your information. 

• How frequently is my overall credit score updated in Mi Crédito?

  Your credit score is updated in Mi Crédito every 30 days after your enrollment date.

• Can I get the credit information displayed on the platform sent to my email?

  You can securely access your credit information online through Mi Crédito, where you can download it in a PDF document. For security reasons, we won’t send your credit information by email.

• If my spouse and I share lines of credit, mortgages, or loans, will I be able to access their information?

  You and your spouse can see the information from all shared accounts, but having some shared accounts doesn’t allow you or them access information about any non-shared financial accounts.

• How long do public records stay on my file?

  Derogatory information can stay on your record for 7 – 10 years from the date the public record was filed or the last reported delinquency. 

• Can I dispute an inquiry for a loan I never actually got?

  You can dispute it, however as part of your application, you would have provided permission for the lender to make a hard credit inquiry. The inquiry goes in your credit report whether you’re approved for the loan or not. If you believe a financial institution has made an inquiry without your authorization, you can contact the institution to request an explanation or file a dispute directly with the credit bureaus.

• When will closed accounts come off my credit report?

  Any accounts that were in good standing when you closed them will remain in your record for 10 years. Any closed account with negative information will remain for seven years.

• How do I lower the monthly payments on my loans?

  You can lower your monthly loan payments in a few ways: 

  • If you’re paying on multiple credit cards, you can consolidate your debt into one card. The payment on a single card will likely be lower than the total of the payments made to several cards. 
  • You can negotiate with your creditors to ask for a lower interest rate or lower monthly payments by extending the loan term. 

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