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The world is facing an unprecedented situation, the consequences of which cannot be predicted. A ANBC (National Association of Credit Bureaus), an organization that represents the data analysis industry, has been following the social, economic and health measures that have been announced around the world, and also in Brazil, to mitigate the harmful consequences of the pandemic caused by the coronavirus. 

Credit is a fundamental instrument in the economy and more than ever necessary for the resumption of productive activities in the country and for social welfare. 

Data analysis companies have therefore been keeping up with international best practices. And, understanding this unique moment, they stress the importance of maintaining the flow of information for credit assessment. They also understand that it is necessary to open up space for creditors, consumers and companies to talk about and renegotiate their credits in a responsible way, so that the economy and social well-being can be restored in a sustainable way. 

Following up and supporting the measures already adopted by creditors in general to renegotiate the credit, and the measures announced by the Brazilian government, the ANBC informs that the credit bureaus will extend the denial process, which usually takes 10 days from the time the debtor is notified, to 45 days. As a result, debtors and creditors will have an extended period in which to renegotiate.

This measure comes into force on April 17, for a period of 90 days. The aim is to provide the necessary time for renegotiations between the parties at this critical time, and to guarantee the protection of consumers and companies. The measure can be extended if necessary. 

The sector continues to monitor the outbreak of COVID-19 and its effects on companies and individuals. And working with all interested parties to minimize the effects on the creditworthiness of individuals, sole traders or SMEs, I am always willing to supplement the above measures if necessary.

Finally, it stresses that maintaining the credit rating system is crucial for any economic recovery measure, especially as a parameter for an eventual program to reactivate the economy and help debtors. The information included in its databases can help government authorities understand what is happening in the economy and direct financial aid to the companies and individuals who need it most. 

São Paulo, April 9, 2020

ANBC Press Relations

Regina Pimenta: (11) 98136.6835 regina@pimenta.com

Ana Carolina Rodrigues: (11) 98674.0348 anacarolina@pimenta.com