The draft law on consolidation of commercial information of Chileans opened a huge debate between banks and large retail chains and non-bank credit or services, such as cooperatives and mutuals. The multi-shop scandal soured Polaris dispute.
The main interest of the banks is to access the databases of retail customers of the compensation funds, cooperatives and credit institutions automotive, among others. This would enable them to know the level of indebtedness, payment behavior, the real incomes of its customers, and many other data banks would serve to refine its policies towards people. So far, this is one of the best kept secrets in the retail and related it would know where the good and bad payers.
The retail notes that such information has been built on proprietary data and through many years of work, so it is an important intangible company, knowing that would allow banks to select the best customers as targets of aggressive campaign sales and why not on monopolizing endeudarlos your creditworthiness.
Additionally, banks will show a profit at no cost by leveraging the efforts of others who also would be violating the trust of its customers by delivering their databases.
Meanwhile, the bank argues that for reasons of transparency and market health such consolidation is necessary. Having it could mean lower interest rates to be less risk for the lender, and a decrease in delinquency and less overhang.
Consumers appear as the ham sandwich in this dispute, despite being, strictly speaking, the true owners of the information. To argue that consolidation can be a means to control the debt overhang is belied by reality. The sub-prime crisis originated in U.S. by the consumer mortgage indebtedness was due to aggressive lending policies of the authorities, which play to the limit with the natural expectation of consumers? own homes, poorly evaluated the risks, even though that country is debt consolidation.
In Chile we know roughly what the actual level of indebtedness of citizens. This figure, which still today is scattered, with the consolidation would become qualitative information, with effects in either direction. You might even have contractionary effects on trade, or part thereof, if such information is derived from a loss of access to credit for thousands of families by increasing their risk of insolvency.
Beyond the validity of the arguments and the eventual approval of the project, it is necessary to help the responsible behavior of consumers while also improving other legislation that has direct connection with the matters discussed.
This is important in the law on protection of personal data, which should be left clear that debt data, whether consolidated or not, and negative or positive, consumer-owned, and which can not be transferred or sold as information . Set also be used only for the purpose expressly authorized by the consumer, and that any unauthorized use will be subject to fines and penalties as high as possible to inhibit any attempt of data traffic as it exists today.
So prior to approval of the consolidation project, it should speed up the processing of new rules for credit card issuance, which should set out clearly the obligations of issuers and their responsibilities in delivering them. It should also create a regulatory and supervisory entity of the retail and emissions of non-bank credit cards. Finally, it should also legislate a law of insolvency or personal bankruptcy.
If the decision is to legislate in this area, all fonts must be embedded debt in the law, properly controlled and regulated in its operation.
Are these measures the government bill, absolutely necessary, which can make the credit market a more balanced relationship between consumers and financial service providers, and the consolidation of commercial information and healthy economic instrument of equality, and not only a new form of discrimination for citizens and consumers.
Source: http://www.fna2008.com/debt-consolidation-instrument.htm
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