Ecuador has updated the regulations governing its credit data registry system, introducing changes to information retention periods and the sources that may be used to complement credit risk assessments.
One of the main changes is the reduction in the credit information retention period, from six to four years. Likewise, the period covered by transactions included in credit reports will be reduced from three to two years.
The regulation also establishes criteria for incorporating new sources of complementary information. This will allow additional data related to payment behavior to be considered, expanding the information available to assess individuals’ credit profiles.
The objective is to provide more up-to-date and higher-quality information for risk assessment, while strengthening legal certainty and personal data protection. The implementation of several of these changes will be gradual and will require adjustments by the authorities and other stakeholders involved.
For companies and entities operating in Ecuador, the update creates a new regulatory landscape that will require attention to the information, compliance, and data management criteria applicable to the credit system.
At Englobally, we help companies understand and adapt to regulatory changes that may impact their operations in Ecuador and across Latin America.