Credit Information Bureau Law No.13


This Law regulates credit information bureaus (CIB) to protect consumer’s personal data and credit information.  Credit information bureaus are limited companies whose exclusive objective is to report individual’s credit references. A CIB may only be established with the authorization of the Banking and Insurance Regulator. The minimum capital stock required for the bureau's constitution should be paid to the Central Bank before the beginning of operations.

Bureaus may only collect and store risk information to provide reference services to approved financial institutions. CIBs may not store credit information should for more than six years. Institutions can only accrue information concerning credit risk.  Individuals have the right to access this information, and may request CIBs to correct erroneous details. CIBs will be responsible for any damage made to the bearer of this information. In case a credit bureau violates the stipulations contained in this law, the regulator can impose a fee of up to $20,000.

Document Details

Title (Non-English): 
Ley de Buros de Informacion Crediticia No. 13
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Date of Document: 
Saturday, January 1, 2005
Document Authors: 
National Congress of Ecuador
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