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.
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.
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, 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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Central Law is a regional law firm in Central America and the Caribbean, with eleven offices in seven countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and Dominican Republic.
The distinctive characteristic of Central Law is multinational coordination that allows our clients to handle their businesses and legal issues for the seven countries in the region from One-contact point, at the office of their choice.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (502) 2383 6000