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Credit Ratings To Commence in
October
Beginning on October 9, both
private and state banks, mutuals,
savings co-operatives and
financial services companies
will have the ability to rate
their customers based on their
payment on loans for the last
sixty months.
The information on loan payment
history will be added to the
Centro de Información Crediticia
(CIC) - centre for credit
information - in a system that
was developed by the
Superintendencia General de
Entidades Financieras (Sugef) -
banking regulator - and online
sine July 3.
The database will contain credit
rating on customers who have
obtained credit by a lending
institution on loans less than
˘50 million colones and
classifications assigned based
on payment history and late
payments. For customers with
loans higher than that amount,
an additional classification
will be added to the credit
history, the ability to repay a
loan.
Oscar Rodríguez, superintendent
of Sugef said that borrowers
will be classified in three
levels, one - good payor,
to three - bad payor.
According to the Sugef 90% of
today's borrowers fall in the
first category, while an 8% are
in level 2 and 2% fall in level
3.
The information will only be
available to banks and financial
institutions that are under the
Sugef regulatory control, which
institutions will be able to
consult credit history.
The Sugef is clear that loans or
credit issued to customers of
the "importadoras" - retailers
of electronics and appliances -
and travel clubs, for example,
that are not under the
supervision of the Sugef, will
not be included in the credit
history.
Nor, will any debt owed to the
Caja Costarricense de Seguro
Social, the Instituto Nacional
de Seguros of the Instituto
Nacional de Vivienda y Urbanismo,
can be included in the
classification of credit
information to maintained by the
CIC.
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