O REFIN is a service available through Serasa, it is a database of individuals and legal entities, to inform which debts are owed to financial institutions.
The credit protection service is a common procedure in Brazil, it is through it that financial services are released to customers.
What is REFIN?
This is a service that companies can consult to check possible financial issues.
This system is similar to Pefin, and allows you to consult debts from other financial institutions. Therefore, the debt inclusion and consultation process is carried out online.
How it works?
All companies that are part of the credit market can make inquiries to check the consumer's history.
This way, it is possible to understand the risk management that each consumer can bring to your company, with the aim of protecting your assets.
How to add information?
Whoever queries the database can also add the name of a customer. For example, customers with credit card debt may have their name included.
However, it is necessary to notify the defaulting customer via letter. Therefore, customers have a period of 5 to 10 business days to negotiate a debt settlement.
If the situation is not regularized within the expected period, then the SPC must include the customer's name in the database.
This process leaves the customer's name dirty until he finally pays the debt.
To keep your financial life up to date, and thus avoid this inconvenience, you need to learn about financial education. Or, use financial applications directly on your cell phone.
What are its advantages?
However, the REFIN It has some advantages for consumers and companies, see what these advantages are:
Cost reduction
Including a debt in the registry office can have a very high cost for companies, this can also affect the consumer, in this Serasa system the process, in turn, is less bureaucratic.
Practicality
In a single tool, you can find important information for credit approval.
Not to mention that everything happens online, with just a few clicks.
Credit recovery
Most unpaid debts can be recovered with the help of this system, in addition, the cost/benefit is more advantageous than hiring a collection company, for example.
Security
O REFIN is in compliance with the LGPD and can also be used as a way of proving the debt, when there is a legal process, for example.
Is there a difference between REFIN and financing?
O REFIN is a credit protection service, also popularly known as Serasa, its mission is to help companies so they can contact customers with outstanding debt.
Additionally, you may also be interested:
What is ChatGPT: how it works and how to access the tool
High limit credit card – The 10 best
On the other hand, refinancing makes it possible to renegotiate debts directly with creditors, without the need for intermediaries. Including your name in the system can lower your score, which also reduces the possibility of acquiring new credit.
Conclusion
Therefore, the REFIN It is another resource available by Serasa to make life easier for companies.
With this system, companies have greater control over customers with outstanding debts. Don't forget to forward the communication letter to your customers.