The National Assembly of Panama approved in third debate a bill that regulates the service of information on the credit history of consumers.

The legislative plenary approved in third debate initiative 424, which modifies Law 24 of 2002 related to this registration system in the Panamanian Credit Association (APC), in order to create a data model or credit information that is fair and balanced between financial agents and credit clients, the Assembly informed.

See “Financial Services: Business Potential in Central America”

The approved project establishes that the data of the clients of the financial entities will be updated, at least three days, after the cancellation of the debt in the respective economic agent.

Luis Cruz, congressman who promoted the text that was approved, said that the new regulation will begin to emerge for those consumers who had limited credit status whose information is obtained by the registry administered by the APC.

According to Cruz, with the approval of the project, the operation of credit history information agencies will be regulated, with the interest of guaranteeing the rights of consumers and economic agents who offer credit or financing.

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