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It is common for applicants to the program Minha Casa Minha Vida to have questions. Many wish to increase their Serasa score because they believe this will give them more opportunities for approval when financing a property.
Serasa plays a vital role as one of Brazil's leading credit agencies, focused on financial services and credit assessment. It collects and maintains financial and credit details about individuals and corporations.
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The Serasa Score is a metric ranging from 0 to 1,000 that serves to estimate the likelihood of a customer honoring their financial commitments. A high score indicates greater ease in obtaining credit.
This metric has become essential for various financial institutions and companies when measuring the risk of granting credit to someone.
With the aim of refining and improving this assessment, Serasa introduced, in August, the Score 3.0. In this version, Brazilian citizens can link their banking information for a more detailed analysis.
Certainly, optimizing one's score is a valuable strategy for those seeking credit. But the question is: in the program Minha Casa Minha Vida, is this score relevant? Find out now!
Serasa: what determines the score?
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Credit scoring at Serasa takes into account several elements that reflect someone’s financial history. Although the precise formula is confidential, the factors frequently considered in Serasa’s score include:
- Payment History:
This is crucial. On-time payments for bills, loans, and credit cards have a positive influence, while late payments or defaults can lower the score.
- Current Debts:
The total amount of your debts, such as loans, financing, and credit cards, affects your score.
- Credit Experience:
The length of your credit relationships matters. Normally, a longer track record with a good history benefits the score.
- Account Diversity:
Having different forms of credit, such as credit cards, loans, and financing, is positive. It shows financial commitment.
- Credit Inquiries:
Frequent credit applications within a short period may be seen as a risk alert.
- Credit Usage:
The relationship between your debt and your credit limit, also called the utilization rate, is crucial. A rate below 30% generally benefits the score.
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- Records of Default:
Having records of significant late payments or legal collections is detrimental.
- Recent Credits:
Opening several accounts within a short period can signal risk.
The impact of each factor may differ. Therefore, frequently monitoring your credit report is essential.
And what about Score 3.0?
With the new model, in addition to the factors mentioned, others are also considered:
- bank statement;
- income;
- financing;
- credit card history, among others.
Some consumers view this with caution, as their banking relationship may not be positive. However, Wesley Brandão, from Serasa, clarified to CNN that when integrating the account into the new system, the customer does not lose their existing score. When making the switch, the system may maintain or improve the score.
“Overdue debts, for example, lower the score, but a good payment history raises it. Banking integration can reinforce this,” he says.
However, the score may vary over time, depending on financial management and the information provided.
Brandão emphasizes that joining the new system is not mandatory, but it can be done on the serasa.com.br website.
Caixa Econômica checks Serasa when assessing financing for the Minha Casa Minha Vida?
Definitely yes! However, the score is only one of the pieces of information provided about the potential buyer.
We mentioned the various factors that influence the score, and overdue debts are recorded in the profile.
However, Caixa does not focus on your score, but on whether you have restrictions at the time of the assessment.
Unfortunately, people with restrictions due to debts with agencies such as Serasa and SPC cannot obtain financing for the Minha Casa Minha Vida. The same applies to your partner if you are married.
Therefore, if there are outstanding issues with SPC and Serasa, it is crucial to regularize your situation beforehand.
To check for possible restrictions, download the SPC and Serasa apps and check using your CPF and, if applicable, your partner's.
Read also: Learn everything about Values to Receive
Steps to regularize outstanding issues with the Minha Casa Minha Vida:
- Assess Your Financial Situation: Understand your debt and the cause of the restriction with SPC and Serasa.
- Negotiate with Creditors: They may present various settlement options. Weigh them all and choose the most appropriate one.
- Pay Off the Debts: After reaching an agreement with the creditors, make the payments as agreed.
- Awaiting Update: The Consumer Defense Code stipulates a period of up to 5 business days after payment to remove the restriction.
