Ley de Regulación de los Servicios de Información sobre el Historial de Crédito de las Personas, rights of consumers over credit-history data

The credit-history law, Decreto Legislativo No. 695 of 2011, gives a consumer or client who proves their identity the right to know whether information on their credit history is being processed and to obtain a copy. The credit-history law gives the consumer the right to have records that are unlawful, erroneous, unjustified or inaccurate rectified or deleted.

The credit-history law lets a consumer or client exercise the rights of access, rectification, modification and cancellation before the economic agent, the data information agency, the financial system supervisor or the consumer ombudsman. The credit-history law requires the economic agent or data information agency to answer a consumer's request within five business days.

The credit-history law lets a consumer turn to the consumer ombudsman when the five business days pass without an answer or the answer does not satisfy them. The credit-history law treats ignoring a consumer's request for access, rectification, modification or cancellation as a grave infraction. The credit-history law punishes a grave infraction with a fine of one hundred to three hundred monthly urban commerce and services minimum wages.

The credit-history law forbids an information agency to use, transfer, share or market a person's data in its database without the express consent of the person. The decree was published in Diario Oficial No. 141, Tomo 392, on 27 July 2011. The decree entered into force ninety days after its publication in the Diario Oficial.