The Financial Market Commission (“CMF”, for its initials in Spanish) has launched a public consultation on the proposed regulations regarding the operational functioning of the Consolidated Debt Registry (“REDEC”, for its initials in Spanish), created by Law 21.680 (the “Law”), that will store consolidated, updated, and aggregated information on borrowers of credit operations.
Although the Law will come into force in April 2026, it befits the CMF to, in the interim, establish by means of a general regulation (NCG”, for its initials in Spanish) the specific operational terms for the REDEC´s functioning, as well as defining additional reporting institutions beyond those mentioned in the Law.
Accordingly, the NCG mandated by the Law has been published for consultation, along with an Information System Manual (“MSI REDEC”, for its initials in Spanish), which details the reports that must be submitted to the CMF and indicates how to access REDEC subproducts. The proposed regulation will be available on the CMF’s website for public comment until May 27th, 2025, in order to evaluate potential improvements before the final version is published.
About the Consolidated Debt Registry
The REDEC will be a confidential system, managed by the CMF, that centralizes debt information of individuals and legal entities obtained from reporting institutions.
To form this registry, reporting institutions shall submit the data stipulated in the regulation without needing the debtor’s consent, in accordance with the requirements set forth in MSI REDEC. The CMF will consolidate this data in the REDEC using structured files, and reporting entities will not be able to identify the creditors of the registered operations.
Reporting Entities
REDEC reporting entities will include the financial institutions listed in the Law, such as Banks, savings and credit cooperatives, insurance companies, managers of endorsable mortgage mutuals, non-bank credit card issuers, family allowance compensation funds and securitization companies regarding reportable obligations where the creditor is a separate estate established by them.
Additionally, the NCG adds the following as reporting entities: domestic subsidiaries and business support companies of banks and cooperatives supervised by the CMF, included in the list of entities referred to in Article 31 of Law No. 18,010, published annually by the CMF. Also included are other entities that perform money credit operations that either equal or exceed 100,000 UF (“Unidad de Fomento” or Chilean indexation unit), or that carried out at least 1,000 operations in the previous calendar year. In the case of related parties, compliance with the thresholds will be assessed at the group level.
To identify the reporting entities, the CMF will annually issue a resolution listing them. Entities will be notified before July 30 of each year and will become reporting entities starting the year after the notification.
Reporting Obligations in the REDEC
Reportable obligations include money credit operations and other financial operations in accordance with the general regulation. These will include credit operations whether actual or contingent, or that have been securitized. Leasing operations, financial pacts, and acquired debt instruments will also be considered reportable obligations.
Reportable obligations must be reported based on their contractual value (according to the clauses of the credit instruments), including the outstanding principal and accrued indexation and interest as of the reporting date, as per the agreed terms. However, late payment interest and collection-related charges the creditor may be entitled to are not to be included.
The information must be submitted in a specific regulatory file format, as determined by the CMF. Using the submitted data and related information concerning procedures in accordance with debtor rights, the CMF will create the REDEC and generate a file accessible to both reporting entities and debtors.
Access to Information
Access to REDEC information will be managed by the CMF through specific digital systems.
Reporting entities may access debtor information in three scenarios: (1) If the person holds debts with that entity, during the entire term of the credit; (2) With the debtor’s prior, express, and unequivocal consent for risk evaluation purposes; and (3) If the entity has a lawful data source under Title III of Law No. 19,628, related to defaulted obligations (also known as “negative debt”).
It will be the sole responsibility of reporting entities to always ensure the privacy and security of the accessed data.
If you require more information regarding the obligations associated with the REDEC, please contact us at this email address. The NCG and its annexed documents are available for public consultation on the CMF website until May 27, 2025.