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Credit Cards and Credit Scores in Ecuador

12 years ago
They closed down our three department store credit cards last month. The President does not want clothing stores in the malls extending credit to anyone... Other credit cards will remain open for the time being... Auto Loans will be watched very closely.. Money laundering in purchasing new trucks to hide money will no longer be tolerated... If you are caught lying on the application the government will repo the truck and fine the bank $5,000... If you own a business you must prove your income with business tax returns and pay stubs or deposits in to your accounts for the past 6 months ...Effective July 1 2012... There will be Hawk Alerts reported in the banking system.. such as.. erroneous deposits, AKA's, no social security tax with holding, No yearly tax SRI payments,.. Credit scores are based upon debt ratio to income and how long your accounts have been open... In Ecuador you can not be more than three days late on your mortgage or credit card payments other wise its similar to a Dunn & Bradd rating as a slow pay... If the Government would stay out of the banking system loans would be processed allot quicker... 15% percent is the average Government interest rate for buying a car with 30% percent down... Equifax will be developing a faster method of pulling a credit report and scoring module... There is a new program coming out on first time home buyers....... [email protected]

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SJB Global
SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB GlobalSJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global
SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB GlobalSJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Contribute to Ecuador Network Contribute
Help others in Ecuador by answering questions about the challenges and adventures of living in Ecuador.

AGS Worldwide Movers
AGS Worldwide Movers

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