Raíces Finanzas

Q&A

What should I compare when choosing between loan offers?

Compare the complete cost: the interest rate, all charges, the repayment term and the payment date. The monthly payment alone does not tell you how much you will pay in total. Look at the APR, initial charges, late payment fees and conditions for early repayment, and ask for the total cost in writing before accepting.

What documents do I need to open a bank account?

Before opening an account, ask what documents the institution accepts to verify your identity and address. Federal rules require financial entities to collect certain data to identify clients. Each bank or credit union specifies which documents it accepts. You may use an ITIN for certain tax processes, but this does not require an institution to accept an account application. Ask for the document list in writing and confirm if they accept a passport, consular ID, state ID or another combination.

How do credit reports and credit scores work?

A credit report contains data from your financial history. A model uses part of that data to calculate a score. Different providers may show different scores because they use different models, dates or reports. Review your reports, look for unrecognized accounts and dispute errors with the credit company and the entity that provided the data.

Should I share my data with a loan search service?

Separate the service receiving your application from the lender offering the money. A search company may connect applications with lenders. The lender decides whether to make an offer, how much to lend and what conditions apply. Confirm who will access your data and whom you can contact after submitting an application. Use only the channels that appear on the provider's official website and never send passwords, access codes or identity documents through public comments or messages from people promising loan approval.