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Credit Information Company

  • What is a Credit Information Company?

Credit information companies (CIC) or Credit Bureaus manage databases containing people's credit histories. These databases contain information about credit transactions; for example, whether an individual has been given a credit card, a bank card or any other type of loan and whether or not they paid the balance on time.

CICs gather information on people's credit histories, both from financial entities (banks, sofoles, etc.) and companies (department stores, car financing companies, cellular phone companies, etc.). Their purpose is to sell people's credit history to these entities and companies when authorized to do so. CICs present this information in a standardized way, i.e. in a "Credit Report", which is commonly used along with other information about the person to determine whether or not they are eligible for credit. The credit report can be a key factor in approving or rejecting credit applications.

The Law for Regulating Credit Information Companies is designed to ensure that information contained in each CIC's database is correct, up-to-date and sent to third parties based on the individual's authorization.

 

  • What are Banco de México's powers in relation to protecting people's credit information rights?

The Law for Regulating Credit Information Companies states that Banco de México has the power to issue regulations or provisions regarding the protection of people's credit information rights. Specifically, the law grants Banco de México the power to:

  • Issue general provisions CIC operations and activities must comply w