Elsalvador.com reports that "The Credit Bureaus Act provides in Article 14 that the credit history of customers or consumers can only be supplied to operators with their 'express written consent'."

Marcela Jimenez, executive director of the Salvadoran Banking Association (Abansa), said "That's where bank has difficulty in offering better rates to their customers, because it is difficult for companies to find people physically in order to request a signature for authorization. "

Jimenez said that "the best experiences in other countries, in terms of the functioning of a Credit Bureau, are those where there is no restriction for all financial institutions, not only banks, but credit unions and savings banks to have access to positive and negative information of all customers ", ie where there is no need to "have to look for them to get a signature to access their records. "

If this requirement were relaxed, it would not be necessary for clients to approach financial institutions for a review of improved credit conditions, on the contrary, the bank or another institution itself would be able to offer a more competitive rate to the user of the financial system. "That would encourage competition", said Jimenez.

Source: elsalvador.com

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