During the final day of the current legislative session the Dominican Congress was very active, passing a law that will regulate credit bureaus, ratifying a loan from the World Bank and taking into consideration a request from the Executive Branch to approve a US$150 million loan for the energy sector. According to El Caribe, Congress passed the law that will govern the way in which different credit-reporting agencies deal with privacy issues. The law, which now goes to the President for final approval and publication, was drawn up by senators Jose Tomas Perez and Ramiro Espino and combined with another piece of legislation submitted by deputy Jose Leonel Cabrera. The new legal instrument also regulates loaning out of credit references and the supply of such services to the market. The new law also guarantees that any person, properly identified, can have access to the credit information held by the agencies and receive a report on the same. Persons who believe that there is incorrect information in the report are guaranteed the right to have misinformation corrected. The legislation places the burden of proof on those entities that are supplying the information to the credit agencies: banks, commercial establishments and stores. Consumers are guaranteed the right to complain about any information that they feel is incorrect.<\/p>\n","protected":false},"excerpt":{"rendered":"
During the final day of the current legislative session the Dominican Congress was very active, passing a law that will regulate credit bureaus, ratifying a loan from the World Bank and taking into consideration a request from the Executive Branch to approve a US$150 million loan for the energy sector. According to El Caribe, Congress … <\/p>\n