Can I Be Reported in DataCrédito If the Debt Is a Very Low Amount? Answers to This and More Questions
Financial Services attorney Camilo Gantiva Hidalgo was interviewed at length by El Tiempo about the timelines and procedures for debt reporting in Colombia. The system for reporting to credit bureaus such as DataCrédito plays a fundamental role in managing debt and evaluating individuals' financial solvency, but many have questions or concerns about default or notifications. Mr. Gantiva Hidalgo explained that Law 1266 of 2008 establishes that entities that generate these reports have to update the information sent to credit bureaus on a monthly basis and that they must notify debtors at least 20 days in advance of sending a negative report. He added that if there is no communication prior to a negative report, a debtor can submit a claim to rescind or correct it. He also answered questions about the clean slate law, removal of reports after satisfying a debt, whether a report can affect the ability to find a job and how inclusion in DataCrédito can affect the ability to access credit.