The laws in Costa Rica have forced companies providing data on natural persons and legal entities to plan new strategies.
Elfinancierocr.com reports that "the actions have occurred in response to the fact that on March 5 the deadline was reached for the reorganization of their operations to comply with the provisions of the Law on Protection of the individual against the processing of their personal data (Act 8968) ".
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).
TransUnion Multinational introduced the first generic credit score to assess a credit user’s payment capacity.
"TransUnion Predictive Score” is a credit scoring model that predicts the likelihood that a customer will become delinquent (90 days or more) in their lines of credit, be it credit cards, personal, home or car loans over the next 12 months.
The Panamanian Credit Association will have the power to remove all credit references going back seven years or more.
The Martesfinanciero.com website indicated that "it applies to debts that have been cancelled or paid in full since 2002 and those that are active even if there has not been a payment for seven years or those that have never received payments and were opened seven years ago or more."
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