Law Regulating Credit Information Companies of 2002

Mexico

(amended through 2010)

The Law Regulating Credit Information Companies (Ley para Regular las Sociedades de Información Crediticia) regulates the establishment and operation of credit bureaus in Mexico.

The law is organized as follows:

  • Title One:
    • Chapter I General Provisions and Definitions;
      • Distinguishes between credit reports (for businesses) and “special credit reports” for the subject of the credit history;
  • Title Two:
    • Chapter I Credit Information Societies;
      • Includes information on types of services to be regulated, prohibited activities, incorporation requirements, minimum capital requirement, limits on ownership, and governance provisions. Lists powers of the Ministry of Finance and CNBV;
    • Chapter II Database Provisions;
      • Includes guidelines for information input, verification and management;
    • Chapter III Credit Information Services;
      • Includes provisions on data privacy, access, consumer protection, identity security, data consistency, and consent requirements;
    • Chapter IV Protection of Customer Interests;
      • Includes provisions on right to request credit reports, disputing reports, and clarity of special credit report information;
    • Chapter V Sanctions; and
    • Chapter VI Reporting Refinancing.