Credit bureau is eliminated

Credit Bureau is eliminated in Ecuador

The plenary of the National Assembly passed, with 54 votes in favor, two against and 27 abstentions, the veto sent by President Rafael Correa to the Repeal Law to the Credit Information Bureaus Law, thus disappearing the Credit Bureau to give free pasage for the Credit Data Registry.

This Registry will become the new entity officially authorized to provide credit references based on the credit history of individuals.

However, it should be emphasized that the registry would not be the only responsible for providing credit service referrals, according to the presidential veto, other entities providing the same services could coexist, ie, the bureaus will continue to serve at requests.

Since the publication of the law in the Official Gazette, the institutions of public and private financial system will have 60 days to submit before the Directorate of Public Data, information of the active credit operations of the last three years. (MZ)