New credit history database to increase transparency, spur loan growth

- Tuesday, September 6, 2011

New credit history database to increase transparency, spur loan growth

El Salvador is launching a new credit database on October 25 that will allow individuals to check their credit history.

Users of financial services will be able to check their records freely at special agencies across the country.

The new system is meant to increase credit transparency and avoid frequent conflicts between clients and financial institutions about the size of outstanding debts. The database will be audited by financial services supervisor SSF.

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Industry executives told BNamericas earlier this year that lack of credit history transparency in El Salvador was hindering the growth of lending to the lower socioeconomic segments.