More Credit Card Requirements in Guatemala

Banks and transmitters of credit cards add more application requirements and reduce credit limits.

Wednesday, February 11, 2009

The main cause is the likelyincrease in defaults, derived from the international crisis and bad local economic situation. In 2008, credit card delinquency increased, reaching 0.46% of the total of accounts receivable.

According to the article published in sigloxxi.com, Flavio Montenegro, General Manager of G&T Continental, indicated that "These are measures that should be taken to maintain credit in the country…," upon explaining that the interest rates were adjusted in the third quarter of 2008.

More on this topic

Longer Deadlines for Credit Restrictions

August 2013

Financial institutions in Costa Rica will have a maximum of 48 months to implement the new measures which restrict lending.

The information was confirmed by the National System for Financial Supervision (Conassif), which approved "11 new regulations, with a phased implementation period of up to 48 months, when the original version stipulated 36. Most of the grace periods start from 1 January 2014 ", reported Nacion.com.

Costa Rica: More Filters for Lending

May 2013

Credit histories of businesses and individuals will be more thoroughly reviewed, as well as their actual repayment capacity.

"We want entities to analyze peoples's debts with everyone, because they may have a loan here and there, and in the end owe millions," said Javier Cascante, chief of the General Superintendence of Financial Entities (Sugef).

Tighter Rules for Credit in Dollars

May 2013

The Sugef in Costa Rica has demanded tighter controls on banks when lending in dollars.

As part of the measures proposed by the Superintendent of Financial Institutions (Sugef), financial institutions must conduct a capacity analysis on the borrower, as well as requiring collateral and credit history, a test now only done when the loan is for more than $130,000.

Honduran Banks will Access Tax Defaulters Registry

June 2011

The partnership between the Executive Directorate of Revenue and the company Equifax, will mean that tax defaulters will be included in the credit bureau’s information.

This agreement will allow access by the financial system (private banks, finance companies, and cooperatives), to taxpayer’s debt information held with the Treasury.

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