To obtain information before that stage, it is necessary to go to the courts. Since they are seldom automated, this process can be slow and expensive. Besides the banking system, there are private databases that register payment histories. However, they are still being developed and are not yet available throughout the country. As Colombian exports become more sophisticated and compete in more competitive markets the use of open accounts is increasing.
Credit insurance is available for commercial and political risks.
For both export and domestic transactions, terms of 30 to 180 days are not unusual. Owens OnLine, Inc. a worldwide credit reporting agency, providing credit reports on Colombian companies and individuals and Segurexpo De Colombia, Colombia's national credit insurer. The Credit Manager is an eight page, monthly newsletter serving the commercial credit and collection community. Inc. All Rights Reserved. Terms of Use .