Regulation on Analysis of Economic Solvency: these are the new requirements to access a loan in Chile

Regulation on Analysis of Economic Solvency: these are the new requirements to access a loan in Chile
Regulation on Analysis of Economic Solvency: these are the new requirements to access a loan in Chile

Since last May 3, the “Regulation on Analysis of Economic Solvency and Information to Consumers” which seeks to promote a system of credits sustainable and responsible. The above with the objective of avoiding consumer over-indebtedness.

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Thus, now any entity that offers credits must examine through an exhaustive analysis of the economic solvency of each consumerr to meet the required requirements.

The main purpose of this is to evaluate the ability of each consumer to meet the financial obligations that they will assume when requesting a loan. This, especially for prevent people from falling into default.

What are the new requirements to access credit?

With the entry into force of the Regulation on Financial Analysis, entities that offer credits must now carry out an exhaustive analysis on those who request it. Next The points to be examined:

  • Evaluate, at least, the consumer’s present income and those predictable during the term of the contract of credit operation. In addition, they must present the current debt and delinquency levels.
  • It will be considered the employment situation, assets, savings and the applicant’s fixed expenses.
  • In addition, applicants will be analyzed payment behavior and quality of guaranteesamong other conditions previously and publicly established by the supplying entities.

In that sense, according to the regulation, suppliers will only be allowed to collect the data necessary to evaluate economic solvency, respecting at all times the privacy of the individual requester.

Along with the above, the National Consumer Service (Sernac) will have the task of monitoring compliance with said regulationwith the purpose of ensuring that suppliers not only follow the new rules, but also that they act with transparency and responsibility.

The information that credit providers must provide to consumers

Just as applicants will have to comply with the requirements of the credit institutions, Suppliers must also provide information specific to the credit operation. The data to be delivered is the following:

  • The characteristics of the product.
  • The hiring stages of credit.
  • Warn consumers about late payment costs.
  • Deliver recommendations and security measures.
  • Information on the procedure to exercise the right to request the Permanent blocking of payment cards.
  • Information on the procedure to make effective the right to financial portability.
  • The procedure to make effective the right to timely release of guarantees.

The information described above must be delivered to consumers of digitally or in physical formatin addition to the quote sheet.

 
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