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One of the challenges for any credit bureau operating in Latin America is to ensure the reliability of the information going into its database. For those working in Mexico, this task is made more difficult by the lack of a unique code by which to identify consumers.
Unlike in the United States, where a unique Social Security number is used by both lenders and bureaus to corroborate a person's identity and to verify his or her credit record, in Mexico the system is more complicated. Mexican consumers have a code, known as the RFC or Registro Federal de Contribuyentes, which is developed from several different bits of information. Federico Castro Rosas, president and chief executive of Mexican credit bureau Buro de Credito, says that an individual's...