Regulatory Alerts2008-09-25 | Circular 44/2008Added
Circular 44/2008 — Modifies Circular 27/2008
The Bank of Mexico amends Rule 12 of the General Rules for Credit Information Societies to mandate the removal of credit history data based on the outstanding principal balance and time elapsed. Specifically, information must be deleted after 12 months for balances up to 25 UDIS, 24 months for balances between 25 and 500 UDIS, and 48 months for balances between 500 and 1,000 UDIS, calculated from the first date of default reporting or last update. The rule also requires the deletion of observation or prevention keys, with prevention keys only removed if the total outstanding principal for a client with a specific creditor is under 400,000 UDIS. This circular entered into force on September 29, 2008.
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