Follow on Google News

The change in positive registration, The new credit register, proposed by PLP 441/2017, could change the way credit is granted in Brazil. As well as making it possible to reduce delinquency, which affects more than 60 million Brazilians, the new Register will reward good payers with a reduction in interest rates. It will also contribute to the financial inclusion of up to 22 million consumers who do not have access to credit due to a lack of proven income, but who pay their obligations on time and will be able to show this to the financial system through the positive register.

PLP 441/2017 also provides for adequate and effective measures to protect personal data and the use of consumer data. The bill does not allow information from financial institutions to be made freely available to the financial market or to companies in general. It also does not allow databases to have access to consumer information.

It only provides for sharing financial data, In this case, it is necessary to share information such as the amount of the obligation, the number of installments, due dates and payment dates, with the database managers listed in Article 3 of Decree No. 7,829/2012. These managers will be subject to severe penalties under the Banking Secrecy Act and the liability regime of the Consumer Defense Code.

The details of a consumer's positive record can only be consulted with their prior authorization (art. 4, IV, “b” of the PLP). Only managers registered with the Central Bank will be able to receive information from financial institutions. Consumers who do not want to take part in the register can ask to leave at any time. The manager who receives this request must inform the others so that no one uses their positive financial data. It is worth noting that the choice to leave at any time is already guaranteed in the current law governing the Register.

The change in the Register's rules safeguards consumers' personal data and brings about an effective balance between all the parties involved. The aim, through the approval of this bill, is to achieve the expected and necessary benefits for Brazilian society.

Thanks for reading! Access other content at ANBC website.

By: Elias Sfeir President of ANBC & Member of the Climate Council of the City of São Paulo & Certified Advisor