Monday, 16 May 2022 16:36

Financial Commission receives reports on implementation of reforms to the Credit History Law

Written by Evelyn Alas

Representatives of the Financial Commission received representatives of the credit bureaus Equifax, INFORED and TransUnion, to learn about the changes that these financial institutions have made in their work dynamics since the entry into force of the reforms to the Credit History Law recently approved by the Legislative Assembly.

According to Congresswoman Dania González, president of said working group, these discussion and consultation mechanisms are necessary so that the population can be informed and receive the best benefits.

Alejandro Flores, President of Equifax, informed that since march 9, when the reforms came into effect, they have attended more than 1,500 consultations, in the 15 attention centers they have opened in the country, so that salvadorans can consult their credit history and receive advice to solve their financial needs.

The legal director of INFORED, Jaime Domínguez, pointed out that the main changes made by his company in compliance with the regulations are the opening of 14 service points nationwide, three complaint resolution centers, the creation of a website, alternative channels for consultation, training for economic agents, publication of financial statements, among others.

The director of TransUnion, Carlos Valencia, explained that among the changes made are the implementation of the update model, the enabling of methods for self-consultation and the sending of alerts by messages and e-mails to consumers.

In addition, as a fourth act of financial justice in favor of the salvadoran population, legislators began the study of reforms to the Law to Facilitate Financial Inclusion, in order to simplify the requirements to open bank accounts.

To continue with the study of this initiative, the deputies agreed to receive, in the next working days, representatives of the Superintendence of the Superintendencia del Sistema Financiero, Banco Central de Reserva, Banco Hipotecario, Comisión Nacional de la Micro y Pequeña Empresa (CONAMYPE) and other financial institutions operating in the country to provide their input regarding the reforms that have been proposed.