He credit history It is a report that shows the behavior of people as payers or not, in case you have requested any credit during their life.
In Mexico there are two Credit Information Societies (SIC), the Credit Bureau and Credit Circle, those who are authorized to monitor the history. However, an important doubt is what happens if a person dies, what happens with the debts of these people, but especially those associated with a credit card and financial loans.
Cancel a deceased person’s credit cards
It is important to know that financial institutions are obliged to cancel a credit card when the owner dies, in addition eliminate debt. In the case of departmental cards, the debt is not necessarily eliminated.
A debt generally disappears for two reasons:
1) the cardholder acquires insurance at the time of contracting the card that covers the debt in the event of death
2) the bank forgives the debt on the line of credit when the owner dies.
In both scenarios, the family members have no obligation to cover the debt that was in the account at the time of death, but to notify in the following 180 days from the death of the interested party.
In case there are post-death chargesif it is necessary to pay the debit, this applies to both the cardholder’s cards and additional cards.
What happens to someone’s debts and credit bureau of a deceased person?
Since we started a credit life, all our activity is included in the monthly report of the Bureau or Credit Circle.
When a cardholder or debtor dies, the bank or financial institution issues a notice to the Credit bureau, and this, in turn, puts an ‘observation key’ in that person’s record so that the information is not misused, for example, in the case of identity theft.
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