Two years ago the Panamanian Credit Association began implementing the statute of limitations, which applies when a consumer so requests, seven years after having made the last payment on any commitments they had.
The law, enacted in 2002, states that the requirement also applies to consumers who haven’t finished paying or have not made any payments and have waited seven years.
Credit histories are of fundamental importance to both consumers and financial and trade institutions, it is a "calling card" for individuals and companies, as it contains all the financial background and credit activities in which a person or company has been involved.
An article in Prensa.com points out, "according to statistics from the entity, 73% of the deleted references to date cover commitments that were settled without delay.
Article 26 of Law 24 gives consumers the right to request the APC to update their credit history, even though seven years have passed. If the client requests it, the system will automatically delete the data. "
Source: Prensa.com
More on this topic
September 2011
Equifax, a company that specializes in credit history and software development, has acquired the Costa Rican company Datum.
A press release from Equifax reads:
Datum collects, synthesizes and provides consumer credit data to banks, telecommunications companies and retail and insurance businesses throughout Costa Rica. The company’s headquarters are in central San Jose.
February 2011
The bill studied by the National Assembly seeks to ensure the proper use of people´s credit history.
The Law on Regulation of Information Services credit history ensures that an individual's credit information is handled only by banks and credit bureaus.
"For the members the challenge of this law is to regulate the misuse of information, but also allow banks to continue operating a database that will reduce the risks when granting credit,” adds Elsalvador.com.
July 2011
Salvadorans may review their credit history using the U.S company’s services.
In order to expand in the region and help in the process of streamlining credit procedures in the country, the U.S. company has recently announced the opening of offices in El Salvador.
The company, which specializes in managing credit information and risk assessment, will firstly provide a credit history service, and then will open a customer service office.
March 2009
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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