In the financial world, credit plays an essential role in connecting economic agents in surplus - with surplus and available resources - to those in deficit, who are looking for additional resources for consumption or investment and cannot wait. This dynamic balance is vital for economic and social progress and requires robust regulation, effective governance and strategic risk management.

The National Association of Credit Bureaus (ANBC), as the voice of sustainable credit in Brazil and around the world, leads initiatives that promote the responsible and efficient use of credit. Since the 1950s, when the first bureaus appeared alongside the start of the National Financial System (SFN), these entities have evolved continuously, incorporating technological solutions such as credit analysis, fraud prevention and asset recovery. As well as ensuring greater security for financial operations, these tools democratize access to credit, an indispensable element in promoting financial inclusion.

Within the SFN, different credit operators stand out: banks, cooperatives and non-banking institutions. Commercial banks play a broad role, taking demand deposits and meeting various demands. Investment banks, on the other hand, provide support for complex business operations and long-term financing. Credit cooperatives, operating under the associative logic, are essential for municipalities less served by large institutions. Non-banking institutions, such as finance companies and development agencies, expand credit alternatives without taking deposits directly.

Beyond the limits of the SFN, innovative models have emerged, helping to diversify access to credit. Simple Credit Companies (ESCs), established in 2019, serve individual micro-entrepreneurs and small businesses with their own capital, offering local and practical solutions. Peer-to-peer platforms have created new paths by connecting investors directly to companies. Also noteworthy is the growth of Credit Rights Investment Funds (FIDCs), which democratize resources and allow greater access to credit for a variety of sectors.

The role of private companies in directly granting credit to their customers remains relevant, particularly in the retail sector. Small retailers still use direct installment payments, while large chains are consolidating credit policies through their own finance companies, guaranteeing responsible criteria and limits.

This diversified market, which operates both inside and outside the financial system, reflects a capacity for innovation capable of driving economic development. However, it is essential that credit analysis is careful, mitigating risks that could negatively impact companies and consumers.

With regard to credit sustainability, ESG (Environmental, Social and Governance) variables have been gaining ground in analysis, consolidating themselves as a strategic tool in business risk assessment. With this approach, the financial market is moving towards practices that combine responsibility and innovation.

In recent years, acting as President of ANBC and representing the country in organizations associated with credit in various parts of the world (Alacred, ACCIS and BIIA), I have seen that, despite the progress made, Brazil still has room to expand its credit market and reach global standards of credit x GDP ratio. In 2024, for example, Brazil reached a mark of 54.4%, while in the United States, in 2023, this index was 192%. Despite the differences, Brazil has stood out for implementing inclusive and innovative solutions, recognized as good practices in discussion groups such as the World Bank's Credit Reporting Committee, on which I am the Latin American representative.

I invite you to follow this monthly column to immerse yourself in the trends and transformations of credit in Brazil and around the world.