El Salvador: Security of Personal Data

The bill studied by the National Assembly seeks to ensure the proper use of people´s credit history.

Tuesday, February 8, 2011

The Law on Regulation of Information Services credit history ensures that an individual's credit information is handled only by banks and credit bureaus.

"For the members the challenge of this law is to regulate the misuse of information, but also allow banks to continue operating a database that will reduce the risks when granting credit,” adds Elsalvador.com.

More on this topic

Credit Histories in Panama

November 2011

With the implementation of the statute of limitations, more than 1.6 million records have already been wiped.

Two years ago the Panamanian Credit Association began implementing the statute of limitations, which applies when a consumer so requests, seven years after having made the last payment on any commitments they had.

Transunion Arrives in El Salvador

July 2011

Salvadorans may review their credit history using the U.S company’s services.

In order to expand in the region and help in the process of streamlining credit procedures in the country, the U.S. company has recently announced the opening of offices in El Salvador.

The company, which specializes in managing credit information and risk assessment, will firstly provide a credit history service, and then will open a customer service office.

Banco Agrícola Controls 50% of Consumer Banking

August 2012

The financial institution, with a portfolio of consumer loans of $869 million, is the market leader in El Salvador.

As of June 2012, with a portfolio of more than $2.523 million, the balance of consumer banking was $869 million, commercial loans $1,112.7 million, housing $415.9 million and credit cards $108 million, said Juan Carlos Angulo, product manager at the bank.

Equifax Acquires Credit Reporting Company

September 2011

Equifax, a company that specializes in credit history and software development, has acquired the Costa Rican company Datum.

A press release from Equifax reads:

Datum collects, synthesizes and provides consumer credit data to banks, telecommunications companies and retail and insurance businesses throughout Costa Rica. The company’s headquarters are in central San Jose.

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