Report Clearing: How It Affects Your Credit History and What to Do to Get Out
If you've ever defaulted on a loan, credit card, or payment, your name has likely been registered with the Clearing of Reports . This commercial and credit database, operated by Equifax in Uruguay, gathers information on the financial behavior of individuals and legal entities. And although many associate it exclusively with debt, being listed in the Clearing of Reports doesn't always mean having a bad credit history.
In this article, you'll learn how the Report Clearing works, what consequences may arise from being listed, how to check your status, and what to do if you want to remove yourself or correct errors in your registration.
Table of contents
- What is Report Clearing?
- Who is listed in the Clearing?
- How long does a debt remain on record?
- What happens if you cancel the debt?
- How to check your history in the Clearing?
- What to do if you detect errors?
- How does Clearing affect loan application?
- What do financial institutions say about Clearing?
- How to exit the Report Clearing?
- Conclusion: Are you ready to recover your financial reputation?
1. What is Report Clearing?
The Clearing House is a database that compiles information on business and credit history. Equifax, a global company headquartered in the United States , acquired its assets in Uruguay in 2001 and has since operated this tool, which banks, financial institutions, and retailers use to assess their customers' risk.
The database includes public data, information from the Central Bank's Credit Bureau, and reports from creditor companies. Its objective is to provide objective information so that financial institutions can make responsible decisions when granting loans .
2. Who is listed in the Clearing?
Not only are those with unpaid debts listed. People with good credit histories are also included. Being listed in the Clearing House means having a financial record, which can be positive or negative. Companies report both completed and unpaid transactions, and this information is updated periodically.
3. How long does a debt remain registered?
If you default on an obligation, that transaction may remain on your record for five years. If the debt remains unpaid, the creditor may request a one-time extension for another five years. In total, an unpaid debt may remain on your record for up to 10 years.
This deadline applies to transactions with private entities. In the case of public entities, Equifax clarifies that, after cancellation, the record is completely erased.
4. What happens if you cancel the debt?
Once you pay what you owed, the creditor has five business days to inform Equifax. The company then has three business days to update its database. However, the record doesn't disappear entirely: it remains recorded as a "delayed transaction canceled" for three years from the date of cancellation.
5. How do I check my Clearing history?
You have the right to access your information every six months free of charge. According to Law No. 18,331, you can request all data about you found in public or private databases. The information must be provided within five business days, in a clear and understandable format.
You can make the inquiry online through the Equifax Uruguay website or in person with your ID.
6. What to do if you detect errors?
If you find incorrect information, you have the right to request its correction, update, or deletion. Equifax must respond within five business days, explaining whether the correction is appropriate or not.
Personal Data Protection Law to maintaining your financial reputation in order.
7. How does Clearing affect requesting a loan?
Financial institutions review your credit history before approving a loan. If you have a history of defaulting, they're likely to offer you tougher terms or even reject your application.
Accountant Nelson Chicurel warns that those who have repeatedly refinanced or defaulted have more difficulty accessing credit. He also recommends paying attention to the interest rate: "Sometimes long-term loans seem to have small installments, but they become longer and the rate increases."
8. What do financial institutions say about Clearing?
Each financial institution has its own policy. For example:
- Cash : allows you to apply for credit even with a negative credit history.
- Orange Credit : requires not having any debts registered with the Clearing House or the Central Bank.
- Soon : does not work with the Report Clearing.
This shows that being in the Clearing House isn't necessarily exclusive, but it does affect the type of credit you can access.
9. How do I exit the Report Clearing?
The only way out is to regularize your obligations. Once you pay, the creditor must inform Equifax, and the database is updated. If the debt was with a public entity, the record is deleted. If it was with a private company, it remains as "paid in arrears" for three years.
You can also request the deletion of errors or improper records, as explained above.
10. Conclusion: Are you ready to recover your financial reputation?
The Report Clearing Service is much more than a blacklist. It's a tool that reflects your financial behavior and can open or close doors for you. Checking your credit history, correcting errors, and keeping your obligations up to date are key steps to accessing better credit terms and protecting your reputation.
Have you checked your status with the Clearing House? Do you know what information they have about you?
