The Consolidated Debt Registry (REDEC, for its initials in Spanish), established by Law No. 21,680 andregulated by General Character Rule No. 540, entered into force this month. This system was created by the Financial Market Commission (CMF, for its initials in Spanish) to consolidate updated and aggregated information on credit operation debtors, including amounts, types of credit, terms, and payment statuses. In addition, pursuant to the powers granted by law to the CMF, leasing operations, financial transactions (repurchase agreements), and acquired debt instruments are also considered reportable obligations.
In this context, REDEC includes, among others, debts arising from loans granted by banks, savings and credit cooperatives, retail companies, automotive finance companies, mutual entities, and other entities engaged in money credit operations or other financial operations that are expressly incorporated as reportable by law or by the CMF. This information is reported by the entities required to provide it and is of a confidential nature.
Access and use of the information
Access to REDEC is restricted. In order to consult a debtor’s information, entities must obtain the debtor’s prior authorization and may only access such information for a specific purpose related to credit risk assessment, the calculation of provisions or capital, or other financial analyses associated with the management of their outstanding credit activities. Exceptionally, the law allows access without the debtor’s authorization where there is another legal basis justifying it, or for consulting anonymized data for financial analysis purposes.
Debtors have the right to access the information contained in REDEC, including details of their outstanding debts and the respective creditors, as well as to authorize access by third parties. To do so, they must access the “Conoce tu deuda” portal using their Clave Única. Likewise, those registered with the CMF have the right to be notified whenever a third party accesses their personal information subject to consent.
For questions or further information on this matter, please contact our corporate legal team.