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Last night's approval by the Chamber of Deputies of the supplementary bill (PLP 441/2017) amending the Positive Credit Register legislation represents a major victory for society. Federal deputies should be congratulated at this time because they realized the importance of this proposal for increasing access to credit, which, as we know, is the driving force behind economic growth.

It is through access to loans and financing that consumers and companies can aim for new achievements and possibilities. And the interest charged on these operations should be defined on the basis of an individual's payment history, rather than a collective one, which makes the process of granting credit fairer. With the new CP, this precise risk assessment will be possible for creditors, who will be able to assertively identify the profile of their clients, whether they are individuals or companies.

Over the last few months, ANBC (National Association of Credit Bureaus), the organization I chair, has carried out a wide-ranging communication campaign that has reached all the audiences involved with the Positive Registry - consumers, companies, the government, parliamentarians and the press - to demonstrate the importance of the CP in the opt-out model. By allowing consumers to be automatically included in the Register, with the possibility of opting out at any time, the CP will only bring gains, as it already has for the countries that have adopted this model. According to studies by the credit bureau sector, the CP could inject up to R$ 1.1 trillion into the Brazilian economy, as well as enabling 22 million people to enter the credit market.

For small and medium-sized enterprises, also known as SMEs, the forecast is for an increase of R$ 550 billion in credit and a reduction of more than 20% in the level of defaults. Remember that, according to a recent report by Jornal da GloboAs a result, these entrepreneurs are unable to provide greater guarantees in order to borrow money, which currently makes it difficult to obtain credit, especially from traditional financial institutions.

As we have seen, with the approval of the CP, which will still have to be analyzed again by the Federal Senate before being sanctioned by the President, the offer of credit to consumers and companies that had previously been priced out of the market will make it possible to boost economic activity. A study by LCA Consultores indicates that the new CP should increase GDP (Gross Domestic Product) by 0.54% per year. This means an increase in public revenue - not just at federal and state level. In the medium term, the collection of federal taxes and contributions could increase by R$ 450 billion, without any change in tax rates. For the states, on the other hand, with the increase in IPVA and ICMS tax collection, the expectation is for an expansion of more than R$ 200 billion.

I end this article with great optimism about the approval of the CP by the National Congress and its subsequent presidential sanction. We are very close to our goal of making the Positive Registry a reality for all Brazilians.

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