Magazine article American Banker

Mexico Gives Green Light to Equifax and Trans Union to Establish Credit Bureaus

Magazine article American Banker

Mexico Gives Green Light to Equifax and Trans Union to Establish Credit Bureaus

Article excerpt

The Mexican government gave Equifax Inc. its blessing to begin operating as a credit bureau in that country.

The news last week was expected and came on the heels of Trans Union Corp. receiving similar word on Oct. 23 from the government to establish a credit bureau with the largest Mexican banks.

Trans Union's operation was the subject of far more government scrutiny, because the Chicago-based credit bureau will share ownership of the new bureau with an association of Mexican banks. Among the government's concerns were antitrust issues. The credit bureau will likely be named Trans Union de Mexico.

Atlanta-based Equifax opened an office in Mexico City in August 1994, forming relationships with lenders doing business there and laying the groundwork for establishing a data center.

It has also been collecting credit information from some American companies with operations in Mexico, like American Express, General Electric, and Citibank.

The company, however, has not decided where the credit bureau will be located in Mexico.

According to Mexican regulations, credit bureaus have six months in which to begin operations after the government approves their applications. Datacredit, a joint venture between TRW Information Systems and Services and prominent Mexican entrepreneur Pablo Gerber, is the only operational credit bureau in Mexico. The Guadalajara-based bureau began providing credit reports in August and is just now beginning to collect data from medium-sized banks. …

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