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Chamber of Deputies approves new Positive Registry that should stimulate the economy and create jobs
São Paulo, February 21, 2019 - Last night's approval by the Federal Chamber of Deputies of PLP 441/2017, which establishes the Positive Registry with automatic inclusion of consumers and companies, known as opt-out and used internationally, should generate numerous benefits for credit borrowers and the economy. A study by LCA Consultores indicates that this instrument could increase the GDP by 0.54% p.a., and analyses carried out by the credit bureaus point out that the new Positive Registry model could inject up to R$ 1.1 trillion into the economy, as well as enabling 22 million people to enter the credit market. At the same time, the forecast is for an increase of R$ 550 billion in credit to SMEs (Small and Medium-sized Enterprises) and a reduction of more than 20% in the level of default by these companies.
Elias Sfeir, president of ANBC - Associação Nacional dos Bureaus de Crédito (National Association of Credit Bureaus), notes that the approved changes are a stimulus to the creditor, who can have more guarantee of receipt, and to the borrower, who can have more accessible credit and more control over their information. “The more information available about the borrower, the more efficient the risk assessment and, consequently, the more business can be done by the creditor, who can more assertively identify the profile of their clients, whether they are individuals or companies,” he says.
The approval of PLP 441/2017, which will still return to the Senate for final evaluation, fully meets the requirements of the Consumer Protection Code.
In Sfeir's opinion, another benefit of the change in the Positive Registry is the reduction of bureaucracy in the process. “In more than six years of the previous model being in force, only 5% of the economically active population joined the Positive Register due to the bureaucracy that the opt-in model required,” he says.
The changes will also empower borrowers, who should have access to lower interest rates, resulting from the potential reduction in defaults by up to 45%, according to data from the International Finance Corporation (IFC).
These conditions created by the new Cadastro Positivo system should boost the country's economy and generate more jobs.
ANBC Press Relations
Regina Pimenta: (11) 98136.6835 regina@pimenta.com
Ana Carolina Rodrigues: (11) 98674.0348 anacarolina@pimenta.com
