Chile Financial Market Commission allows credit bureaus to join REDEC as reporting entities with consent-based access to debtor data

The Chile Financial Market Commission (CMF) has decreed that businesses providing credit advisory services, including credit bureaus, can be incorporated into the Consolidated Debt Registry (REDEC) as reporting entities, enabling them to use registry information for more accurate debtor risk assessment and potentially improve access to financing on more favourable terms. Eligibility is limited to entities regulated under the Fintech Act (Law No. 21,521) that are enrolled in the Registry of Financial Services Providers and authorised to operate. Once these prerequisites are met, incorporation into REDEC is conditional on compliance with obligations including data management, information security and cybersecurity. Credit bureaus incorporated into REDEC may access personal data only for specific debtors with explicit consent, and will also have access to an anonymised debtor database as reporting entities. The change follows the entry into force of the relevant regulation after the CMF accepted an appeal for reversal related to General Rule No. 540.