The Panamanian Consumer Protection and Competition Authority (Acodeco) handled 228 complaints regarding anomalies in credit histories during the first quarter of 2026. These complaints are based on potential violations of Law 24 of 2002, which regulates the handling of consumer data in economic databases. According to the institution's Research Department reports, most complaints arise from incorrect records or information that does not match users' financial reality. Citizens have approached the authority to request the removal of records from accounts they never had commercial relations with, as well as the deletion of debts for expired prescription. Other recurring reasons include rectifying the amount of the last payment made, changing a account's status from 'active' to 'cancelled', and removing 'account against reserve' notes. As a result of the administrative proceedings carried out through the end of February 2026, Acodeco sanctioned five economic agents. The group of fined entities includes two banks, two financial companies, and one collection agency after confirming non-compliance with current regulations. The total amount of the fines applied for these offenses amounts to B/.9,000.00. Acodeco emphasized that it is the strict responsibility of companies to maintain truthful, up-to-date, and verifiable information to avoid collateral damage to individuals' financial capacity. The authority reminded the public that they have the legal right to demand the correction, updating, or deletion of data in their credit history when it has been improperly reported. On the other hand, the authority urged companies to strictly comply with the law to avoid administrative processes and damage to their clients' credit reputation. Finally, the body reiterated its commitment to maintaining constant vigilance over the handling of credit information in the country, ensuring that the principles of transparency and equity established in Panamanian legislation are met.
