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.
Financial institutions in Costa Rica will have a maximum of 48 months to implement the new measures which restrict lending.
Credit histories of businesses and individuals will be more thoroughly reviewed, as well as their actual repayment capacity.
The Sugef in Costa Rica has demanded tighter controls on banks when lending in dollars.
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.
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