ColombiaLey 1266 de 2008, Prior Notice, Retention Limits and Free Consultation for Credit Data
In force since .
A data subject rights rule binding public and private bodies.
- Obligation class
- Data subject rights, Retention, Prohibition
- Audit expectation
- none
What it requires
- Before a source reports negative information on an unpaid obligation to a data bank operator, send the data subject a prior communication so the data subject can pay, or dispute the amount or the due date; report only after twenty calendar days from sending it to the last registered address.
- Where a negative report was made without the prior communication and the obligation was already extinguished, withdraw the negative report at once; where it was not extinguished, withdraw the report and send the communication before reporting again.
- For an obligation of 15 percent of one monthly legal minimum wage or less, report negative data only after at least two communications on different days, with twenty calendar days between the last communication and the report.
- Keep positive information in the data bank indefinitely, and remove information on a default so that users can no longer consult it once twice the length of the default has passed, up to a maximum of four years from payment or extinction of the obligation.
- Delete negative data on a default from the database eight years after the obligation fell into default.
- Update scores and any other financial, commercial or credit measure at the same time as the negative data is withdrawn or the fact that lowered the measure ends.
- Let the data subject consult the financial, credit, commercial and service information free of charge on every occasion and by every means, and do not lower the data subject's risk rating or score because of repeated review.
- Do not consult financial, credit, commercial and service information for employment decisions, and do not use it for purposes other than analysing or calculating the data subject's credit risk.
These lines are LexLint's reading of the law's text.
What record it asks for
Logging duty
Articles 12 and 13 set when negative data may be reported and how long it stays, and ask no one to keep a log or record of processing, so the row records no logging duty. The articles cited here carry no territorial scope clause, so no territorial hook is recorded.
- Kind
- None
- As of
What this law does
Ley 1266 de 2008 entered into force on . A source's report of negative information on an unpaid obligation to a data bank may be made only after prior communication to the data subject. A source may report after twenty calendar days from sending the communication to the data subject's last registered address. Positive information stays in the data banks indefinitely.
Information on a default is kept for twice the length of the default, up to a maximum of four years from the day the overdue amounts are paid or the obligation is extinguished. Negative data on a default lapses after eight years counted from the day the obligation falls into default, and must then be deleted from the database. A data subject's consultation of financial, credit, commercial and service information is free of charge on every occasion and by every means. Financial, credit, commercial and service information may not be consulted for employment decisions.
When LexLint raises it
When your app profile says your app processes personal data.
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