Colombia – Law could regulate the collection of credit and financial information.

New statutory law could regulate the collection of credit and financial information in Colombia. Next, in Latin America Screening News.

A statutory law aimed at regulating the central that collect credit and financial information, and also the banks and entities that supply them with such data (sources of the information) have just been approved by the Congress of the Republic (pending presidential approval).

The new legislation includes the creation of “amnesties” or pardons for which non-compliant persons could demand the deletion of their data immediately or within a shorter period than usual.

In addition, frequent consultation of credit history is prohibited as a factor in lowering the credit rating or to determine employment decisions.

Lastly, positive administrative silence is established in favor of the owner in the framework of the claims that he formulates before the centrals that collect credit and financial information.

These pardons or amnesties can make it difficult for companies to know complete information about the credit history of their employees or clients and make decision-making difficult.