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São Paulo, April 8th, 2019 - The law that amends the Positive Registry was sanctioned today by the President of the Republic, Jair Bolsonaro. This approval marks the beginning of a new era of credit in Brazil, characterized by the financial inclusion of many Brazilians who today have no access to loans and financing. The new scenario will increase competition, with the entry of competitors with new products and services, and reduce defaults, which will lead to fairer interest rates.
“The new Cadastro Positivo model was the result of a lot of dialog over the last few months in and out of Congress. The proposal was debated by society, which realized its numerous benefits, especially important at a time when the country needs to raise the level of competitiveness of its economy on the international stage,” says the president of ANBC (National Association of Credit Bureaus), Elias Sfeir.
As soon as the law comes into force, credit bureaus will have 30 days to inform all consumers about the opening of the Positive Register. And they will have the option of requesting the deletion of their name at any time. But it is important for these people to know that they will not be able to enjoy the benefits of the history, which will be erased, nor will they be able to use their score to bargain for lower interest rates. “Individuals and companies will be informed about their inclusion in the CP so that they can decide whether or not to remain in it. Even though there is this initial period defined by law to request the deletion of the name, the consumer will be able to leave at any time and return at any time to have the chance to rebuild their history. This is a legal provision,” says Sfeir.
The Central Bank has emphasized that the new Positive data, The democratization of credit, one of the Central Bank's priorities in the context of the BC+ Agenda, is one of the instruments that will expand the supply of credit and reduce the banking spread. “The democratization of credit will stimulate growth in the economy, which will produce new jobs,” he concludes.
ANBC Press Relations
Regina Pimenta: (11) 98136.6835 regina@pimenta.com
Ana Carolina Rodrigues: (11) 98674.0348 anacarolina@pimenta.com
