Mexico's credit bureau rules

Article Abstract:

Mexico's Ministry of Finance and Public Credit has introduced new regulations governing credit bureaus operating in the country. These regulations are quite similar to US credit bureau rules embodied in the Fair Credit Reporting Act. They seek to protect the interests of consumers even while promoting the flow of credit information, which is vital to the success of a modern credit economy. These rules include those that require bureaus to obtain a consumer's written consent before issuing a credit report regarding that consumer, to seek permission from the federal government through the Ministry of Finance before they go into business, and to respond to the requests of other credit bureaus for consumer information. These rules are hoped to facilitate the creation of an efficient consumer reporting system in Mexico.

On-Line Information Services, Information retrieval services, Credit Checking Vendors, Mexico, Credit bureaus

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Legislative report

Article Abstract:

A new bill covering credit reporting has been passed by House Subcommittee on Consumer Affairs Chmn Esteban Torres. HR 3596, known as the Torres Bill, is the product of the joint efforts of legislators, representatives of consumer reporting agencies and representatives of credit grantor associations. The bill introduces new consumer rights, including the rights to obtain free copies of their credit report and to have access to the credit bureau via toll-free telephone numbers. HR 3596 also includes provisions introducing new obligations for credit grantors. Among these are the obligations to disclose full and accurate information to credit bureaus, and to reinvestigate disputes. The bill aims to uphold the rights of consumers and to ensure the survival of credit industry at the same time.

Legislative bodies, Business reports, Credit management, United States. Congress. House. Committee on Banking and Financial Services, Torres, Esteban

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Fair Credit Reporting Act: who's looking out for whom?

Article Abstract:

Proposed credit legislation, which would modify the Fair Credit Reporting Act, would be harmful to both credit bureaus and consumers. Legislation to eliminate pre-screening would hurt credit bureaus by increasing their marketing costs, and consumers would be hurt because they would not be able to obtain credit cards as easily. Legislators should realize that the collection of consumer credit information is crucial to the economy, but they should also increase the penalties for obtaining information without permissible purposes.

Credit ratings, Consumer credit

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