Coppel has established itself as one of the most recognized department stores in Mexico, standing out for its affordable financing options for a wide variety of products.
The process to access credit in this store is quite simple. Applicants must:
- Present a valid official identification.
- Be at least 16 years old.
- Provide proof of recent address.
Once credit is approved, customers have the ability to make purchases and, depending on their payment behavior, may receive increases to their credit limit.
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Consequences of not making payments
Failure to make payments at Coppel can lead to different consequences similar to those of other financial institutions, including:
- Report to the Credit Bureau: If a client does not pay on time, their debt may be registered in the Credit Bureau, which will negatively affect their history and complicate obtaining financing in the future.
- Interest and surcharges: The amount of debt could increase due to the accumulation of default interest and late fees.
- Extrajudicial collection: In cases of prolonged non-compliance, the company could resort to collection strategies such as calls, sending letters and even home visits to recover the outstanding balance.
Duration of a debt in the Credit Bureau
Debts reported to the Credit Bureau are not automatically eliminated and their permanence depends on the amount owed. Below is the time required for a debt to disappear from your credit history:
- 1 year: For debts of up to 25 UDIS (approximately 206.24 pesos).
- 2 years: For amounts between 25 and 500 UDIS (up to 4,124.94 pesos).
- 4 years: For debts ranging between 500 and one thousand UDIS (up to 8 thousand 249.89 pesos).
- 6 years: For debts greater than one thousand UDIS, as long as they do not exceed 400 thousand UDIS, are not linked to judicial processes or involve fraud.
What are UDIS?
The Investment Units (UDIS) are a financial unit established by the Bank of Mexico (Banxico), whose value is adjusted daily based on the National Consumer Price Index (INPC). Its purpose is to maintain the real value of debts and protect both lenders and borrowers from inflation.
On social networks, such as TikTok, lawyers have addressed the issue of debts in Coppel and its legal implications, including scenarios in which a person leaves the country without settling their financial commitments.
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