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The role of bureaus is also to help consumers make good financial decisions
One of the roles of credit bureaus is to help consumers make better financial decisions. Not only to help them manage their monthly budget, but also, and above all, to use loans in a sustainable way. Using this resource to improve their living conditions is as positive as financing a car or a property. The bureaus also provide consumers with the tools they need to make good choices when taking out loans.
By doing this, credit bureaus prevent people from taking on more debt than they can afford. This situation of negative accounts can lead to over-indebtedness, an extremely negative phenomenon because it leads people to insolvency, which harms not only the insolvent person but also all those who are or have been related to them, impacting the social fabric.
Two recent initiatives promoted by Serasa Experian and Boa Vista can be highlighted in this sense of empowering consumers to make more assertive financial choices.
The Serasa eCred launched by Serasa Experian is a completely free online service. Through it, consumers can access loan offers (different types such as car and property financing) and credit card offers from Serasa's partner companies such as banks, fintechs and finance companies.
On the platform, consumers already receive the best offers according to their profile and have no trouble comparing rates and payment conditions. In order for Serasa eCred to draw up this profile accurately, the consumer answers a few questions that make it possible to understand the type of credit needed, the amount sought and the number of installments desired to pay off the debt.
The second initiative that should be highlighted is the Household Budget Booklet created by Boa Vista. The aim of the document is to enable people to better manage their money so that they can always have credit and make their dreams come true.
In a didactic way, the booklet demonstrates the importance of responsible consumption and saving money for emergencies. It even offers a spreadsheet template to make budget management easier. Right from the start, in the first few pages of the document, consumers are invited to take a test to see how they are handling their finances. The final score will show the consumer the actions they need to take quickly to improve their financial situation.
These are some of the Biros' initiatives that contribute to the financial education of borrowers.
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By: Elias Sfeir President of ANBC & Member of the Climate Council of the City of São Paulo & Certified Advisor
