On March 13, the Senate´s floor passed the Complementary Bill 54/2019 which makes automatic the adherence of consumers and businesses to positive credit reports. The data collected on consumers and businesses will be used to create credit notes that can be consulted by interested third parties. The bill has been sent to the Executive Branch for presidential enactment. The new rules will enter into force 90 days after the law’s publication.
A positive credit report is a database managed by credit bureaus that gather information about individuals and legal entities to determine if they are “good payers”. The approved bill establishes that companies and people taking credit will now automatically form part of a registry managed by credit bureaus. The credit information that the credit bureaus will receive to generate the registry includes that coming from banks or public utilities.
Until now, the registration of positive data on individuals and companies in such databases was only allowed after their express and signed authorization. However, with this new law, the registration system will have the same mechanism as information services on bad payers: it will not depend on the express authorization of the owner of the data. From the data obtained, the manager will be able to create a credit note or score on the person or company registered, which may be given to consultants who carry out transactions with these people, except for the credit history that continues to require the express authorization of the holder. In addition, the holder may request cancellation of the positive registration at any time and, in that case, the manager must close the registration within two working days.