Tuesday 22 June 2021

Financed Appliances And Telephones Would Be Part of New Credit History

Government measue to include direct retailer financing for appliances, telephones and other consumver goods would help prevent household indebtedness

Purchases of appliances and electronics, among others, financed by a retailer would be included in the credit database compiled by the Superintendencia General de Entidades Financieras (Sugef) – General Superintendence of Financial Institutions (Sugef), under a proposal by President Carlos Alvarado.

The government wants to encourage debtors to keep up to date with their debts, promoting a better payment culture and avoiding future levels of over-indebtedness

Currently, direct financing by retail stores, unregulated financial companies and telephone companies, among others, is not part of the Centro de Información Crediticia (CIC) – Credit Information Center.

- Advertisement -

The idea is that these loans be required to be reported their clients’ credit history as a measure to avoid over-indebtedness.

Consumers, on the other hand, will be able to do better financial planning by having access to the data of their consolidated debt, while creditors will know the true capacity of payment of the clients.

Financial institutions can now consult the debts of people in private bureaus such as Datum (Equifax), Teletec or Trans Union.

A bank can even reject a person’s request if a retail debt appears in one of the bureaus. However, it would become more complete, reliable and official information by forcing businesses to give these details to the Sugef, which would be included it in a database called the “Módulo de Consulta”.

- Advertisement -

“There are bank officials who, in order to approve a loan, ignore those credits that appear in the bureaus; with the reform, now they are going to have to take them into account when analyzing the person’s ability to pay,” said Ernesto Solano, a lawyer at the Oficina del Consumidor Financiero (OCF).

This will encourage debtors to keep up to date on their payments, promoting a better payment culture and avoiding future levels of over-indebtedness that today weigh on many households, according to the text of the proposal that was presented within the government’s credit rescue plan.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Government begins negotiations with the IMF this January 11

QCOSTARICA - The Government of Carlos Alvarado announced that the negotiation...

Scotiabank lays off 98; closes five branches in Costa Rica

(QCOSTARICA) Scotiabank reported this Friday, August 28, the layoff of 98...

MOST READ

Today’s Vehicle Restriction June 22: plates ending in 3 & 4 CANNOT circulate

Today, Tuesday, June 22, plates ending in 3 & 4 CANNOT circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

Will that be Cash or Sinpe Móvil?

QCOSTARICA - Sinpe Móvil is easy to use. From your phone, you can send money to friends, family and pay for things. Or receive...

OIJ investigation into road works corruption leads to inquiries in Panama

QCOSTARICA - The prestige of the company of some of the richest men in Costa Rica hangs by a thread. For many, the MECO...

Today’s Vehicle Restriction June 19: only “ODDS” can circulate

Today, Saturday, June 19, only vehicles with "ODD" ending plates CAN circulate The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

Heavy downpours generated the first phreatic eruption of this year at the Turrialba volcano

QCOSTARICA - Several residents of La Pastora, La Central and Monte Calas, in the vicinity of the Turrialba volcano, heard a loud rumbling early...

Bribed with cars, sexual favors and money in exchange for road works contracts

QCOSTARICA - The OIJ uncovered a big pothole on Monday when it was announced that public officials had allied with construction companies that, apparently,...

Week immersed in passage of tropical wave, June Solstice and Veranillo

QCOSTARICA - Today, Monday, June 21, is the day of the year when the sun stays the longest on the horizon, therefore it is...

Despite investigation, construction of road works by H. Solís will continue

QCOSTARICA - Five major road works under the responsibility of the H. Solís company will continue in development despite investigations for alleged corruption involving...

New trends in coffee consumption challenge sector

QCOSTARICA - Changes in consumption habits in terms of times, types of preparation and specialties challenge the coffee sector. Most of the consumers in Costa...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.