The fear of having their electricity cut off is a common anxiety for many people. But missing a payment to the Comisión Federal de Electricidad (CFE) can have far-reaching consequences beyond just a temporary blackout.
The Link Between CFE and Credit Bureaus
Late payments to CFE can damage your credit score. When you miss a payment, CFE reports it to credit bureaus. This can make it harder to get loans or credit cards. In fact, CFE treats unpaid bills like credit card debt. The longer you wait to pay, the more likely it is that CFE will notify credit bureaus, and you’ll end up on their list of bad credit risks.
The impact of a late payment can be significant. It can affect your ability to secure a loan or buy a property. Even getting a credit card can become challenging. This is because lenders view you as a higher risk.
How Long Does a Negative Credit Record Last?
A negative credit record can stay on your file for up to six years. But the exact timeframe depends on your financial habits. If you continue to miss payments or have outstanding debts, it can take longer to clear your record. In the case of CFE, if they keep reporting late payments, your credit record will suffer.
To get back on track, you need to pay off your outstanding balance. You can check your electricity bill or use the CFE app to find out how much you owe. There’s also a reconnection fee, which varies by region – typically between 8% to 16% extra. Once you’ve paid, call the CFE hotline at 071 to schedule a reconnection. In urban areas, your power should be restored within 24 hours. In rural areas, it can take up to 72 hours.
Making timely payments is crucial to avoiding both a cutoff in service and a negative credit report. Set reminders or automate your payments to stay on top of your electricity bills. By doing so, you’ll not only keep the lights on but also protect your financial health.