Credit Record to be Erased After 7 Years

The Panamanian Credit Association will have the power to remove all credit references going back seven years or more.

Tuesday, March 24, 2009

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."

It also indicated that "consumers have the right to decide which of the references that are going to be 'invalidated' they want to continue to be reported and which ones they do not."

More on this topic

El Salvador: Two New Credit Reporting Agencies

November 2014

After closing the operation of the information provider, Dicom, a division of Equifax, the financial authorities have authorized the operation of the companies TransUnion El Salvador and Procrédito .

From a statement issued by the Superintendency of the Financial System of El Salvador (SSF):

Access to Credit Histories in El Salvador

December 2012

Salvadoran banks want restrictions to be eliminated so that all financial institutions can share and have access to positive or negative credit histories of their customers.

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'."

El Salvador: Credit History Law In October

September 2011

A bill entitled "Law on Regulation of Information Services on People’s Credit History" will become effective on October 25

The new law regulates credit bureaus that provide citizens credit information, enabling greater access to credit records.

In order to deal with complaints by citizens about out of date information, the new law requires the offices providing credit data update their databases every month.

El Salvador: Observations on the Credit History Law

May 2011

The President has commented in the Assembly on the decree which contains the law on regulating information services and credit history.

The purpose of this act is to ensure the right to personal and family privacy and reputation on the issue of reliability, accuracy, updating and proper handling of consumer data regarding credit.

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