RIO DE JANEIRO, BRAZIL – On Wednesday, September 9th, the SERASA (credit research firm) announced a new tool for its platform. Called SERASA Turbo, the tool will allow the consumer to know how much their credit score will increase when paying off a debt.
The credit score is a rating behind each individual taxpayer registry (CPF). It is like a consumer score. By scoring from 0 to 1,000 points, consumers will either have easier or harder access to credit on the market.
“A bad name or debts in arrears reduce the score. When someone clears their name and pays their debts, the score rises again. The problem was the delay. We heard many complaints about this”, explains Lucas Lopes, SERASA’s product manager.
To use the Score Turbo, consumers must be registered on the SERASA website. Should they have outstanding debts, they may consult and negotiate them through the SERASA Limpa Nome (‘Clean my name’).
During the consultation stage, consumers can check their score and see how many points they can gain by closing a renegotiated agreement. When the payment is effected, the score is updated.
SERASA Turbo will be available to all users of the SERASA platform on September 21st. At the moment, approximately 15 percent of the base is testing the tool.
According to SERASA, until August this year, 1,4 million consumers have renegotiated debts on the SERASA Limpa Nome. If the SERASA Turbo were already available to everyone, 837,000 people would have had their score updated as soon as they paid their debts. “It’s with credit that you get plans off paper. It is with credit that you buy a house or pay for college. That’s why the score to secure credit is so important.”
How to raise the score
The score is based on the consumer’s payment history. SERASA explains that to improve the score a change in behavior is required. And thus, the market will change its view of consumers. The score can improve if consumers clear their names and pay their bills on time.