Regulatory Alerts2012-07-05 | Circular 10/2012Added
Circular 10/2012 — Modifies Circular 27/2008
The Bank of Mexico modifies Circular 27/2008 to require Credit Information Societies to verify client identity when requesting Special Credit Reports and to report the unpaid principal balance of credits instead of the current balance. This change aims to eliminate credit records with amounts less than the equivalent of one thousand Investment Units (UDIs). The identity verification requirement enters into force on October 1, 2012, while the reporting of unpaid principal balances and the repeal of the Third Transitory Article become effective on June 3, 2013.
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