GDR: Brazil to make credit score registration automatic

Marcela Mattiuzzo spoke to Global Data Review (GDR) about the approval by Brazil’s Federal Senate of the Draft Supplementary Law No 54/2019, a bill which amends the country’s Banking Secrecy Law and implements an opt-out policy to the Positive Register.Marcela Mattiuzzo, a partner at VMCA in Sao Paulo, told GDR that although the most discussed element of the bill is the introduction of the opt-out clause, she thinks the bill shores up data protection standards.

“I think there are many provisions in this modified bill that are more protective of data in general. For example, the bill prohibits the collection of data not related to credit and sensitive information in relation to consumers’ credit scores.”

Mattiuzzo added that the bill is intended to make the credit market more competitive. “If more people were registered on the Positive Registry, companies would be able to offer better and cheaper credit – this is what the Ministry of Economy argued.”

Full article available here.