Although talking about ” tax debts ” may arouse a negative reaction, many people are unaware that the combination with the “Credit Bureau” can be even worse. Although many Mexicans are already more comfortable with their credit history, as they learned to use their cards or some other type of credit (car or mortgage, among others), there are other non-bank ways to become a creditor to a bad score.
Since 2008, the Tax Administration Service (SAT) shares taxpayer information –73.1 million at the end of the first quarter of 2019– about non-compliance with the Treasury with the Credit Information Companies (SIC), so if you have not complied with your tax obligations in the last year, get ready, you can take a nasty surprise.
According to various specialists, the most common reasons for negatively impacting your financial record with tax matters are the expiration of the terms granted by the agency, either for the payment of fines or operations, as well as for not submitting your annual return. Situation that can derive in debts with the SAT that are known as payable or firm credits.
Types of tax debts:
Start from when you breach any of your responsibilities as a taxpayer ; For example, do not make your annual statement on time, which will lead to the sending of a notification by the SAT to alert you to inconsistencies and ask you to update.
It is advisable at this point to start acting, either to challenge the credit – amount of money to which the State is entitled by taxpayers – and show that you keep your obligations up to date or simply to settle what is required.
Firm Fiscal Debt
It is the stage when you really need to worry, since your lack of interest or the few opportunities you had to cover your debt with the treasury – it also occurs when the challenge you filed had an unfavorable resolution – led you to the last consequences and the SAT sent your report of non-payment to the Bureau or Circle of Credit.
In clearer words you should understand that all firm credits were enforceable, but not all enforceable ones become firm. Here is your chance to keep a neat record.
How do I know if I have tax debts?
In case you are a little clueless and cannot sleep because of the concern if you made your Annual Statement correctly or if you are up to date with your taxes, take a deep breath and remember that the SAT has the obligation to notify you when you have a tax debt; through the Tax Mailbox, My Portal, which is displayed on the page of said agency.
If your doubts do not cease, even knowing that the defaulted taxpayers appear on a list of debtors, you can also request a compliance opinion, as well as send a face-to-face or online application to know the information that the government shared with the SICs.
Do tax debts remain in the credit bureau?
If a series of unfortunate events or bad decisions led you to have some type of tax default, as well as a negative rating in your history, you must keep in mind that to clean up your score there is only one procedure, which is applied for all types of financing.
The first step, perhaps the most important, is to always keep in mind that there is no “magic formula”, that although at six years the debt is cleared, this only occurs with commitments that do not exceed 2 million 300 thousand USD. In addition to the amount, legal proceedings or fraudulent actions may be a reason for not cleaning your record.
If you have defaults with a lower balance, the time may vary in your favor. For example, if the debt ranges between 2 thousand 890 and 5 thousand 780 USD, it would take four years to remove the record, if it goes from 144.5 to 2 thousand 890 USD, the wait is reduced to two years, finally if it is less than or equal to 144 USD in 12 months will be a thing of the past. Be careful, it is important that you know that the collection work will continue, since deleting the record does not mean the cancellation of the debt.
Remember that your credit history is as important as medical studies, as they will help companies or organizations to make a diagnosis on the financial health of your pocket, so that you do not contribute to increasing delinquency rates or overdue portfolio in the banking system and you can sleep peacefully.
In case you do not have tax debts, but you are behind in your personal or card credits, do not waste more time. Seek expert advice on credit repair so you can settle with your own resources.