The credit history of users is compiled by credit bureaus, whose information is consulted by banks or commercial houses when granting loans.
The credit information of the clients of the Ecuadorian financial system is administered by the Superintendency of Banks (SBS), through an information system known as the Credit Data Registry, which contains the history of the debtors of national financial institutions.
The purpose of this system is to provide the service of credit references from entities that grant credit, regulated by the Superintendency of Banks, the Superintendency of the Popular and Solidarity Economy and the Superintendency of Companies, Securities and Insurance. People can access your credit reference report by registering in the SBS portal.
How to check the Credit Bureau in Ecuador
The credit history of Ecuadorian citizens is compiled by credit bureaus, which are companies that structure “information on people who have or have had a loan in Ecuador, so that it can be consulted by credit providers, such as commercial houses, cooperatives or banks”, Explain the Association of Private Banks of Ecuador (Asobanca).
This information is used by entities that grant credit to evaluate the behavior of their clients according to the fulfillment of the payment of their debts to qualify if a person can access loans.
But, For how long does this information appear in the credit bureaus?
According to article 359 of the Law of Economic Reactivation, Strengthening of Dollarization and Modernization of Financial Management, credit information reports, which are informative and are not binding on any public or private institution, “Will refer only to current, expired or canceled operations of the three (3) years prior to the date such reports are issued”.
Tips to avoid downgrading in the credit bureau once the term for the deferral of debts is met
Therefore, credit information reports remain in the credit bureaus for three years.
Asobanca indicates that feeding the credit history “allows access to more and better financial products.” (I)
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