This week, a new bill that aims to get hundreds of Colombians who are reported in central risk systems, such as Datacrédito and Transunión, to be subjects of credit again, has been approved in second debate.

¿What this law wants to achieve?

To give the opportunity to defaulting debtors to catch up with their financial obligations, because if they do within the first six months after the bill passes, their negative reports will be erased from all risk plants.

The parliamentarians who have been supporting this project are Luis Fernando Velasco and David Bargüil, and what they are proposing is that if the debt is lower than 20% of the minimum wage, it will be eliminated from central risk systems in the moment it is paid. In addition, this bill also seeks to reduce the permanence of the negative reports, so that that it is the same as the default time.

An example…

If a person takes six months to repay its debt, it should only be reported as a defaulting debtor for six months, with a maximum of two years and not four. Also, if after five years no judicial action has been initiated to recover a debt that is reported, they will expire, and the person’s credit situation will be normalized.

This way, that problem that, because of their low credit rating, people are not able to access formal credit and are therefore forced to get insecure loans, is solved.

The bill also proposes…

That those people whose identity has been stolen should be erased from all central risk systems, and that everyone should have the right to consult their credit history for free, without affecting their financial qualification.

Senators Fernando Velasco and Bargüil ensure that in no circumstance they want this bill to encourage the culture of bad payment, or to favor defaulting debtors, but instead, give an opportunity to those who want and can pay off their loans to effectively normalize their credit and financial situation, and to do so without having to face negative reports that can really affect them for long period of time.

This is why this amnesty opportunity will only be given once and would have some exceptions so that recurring debtors are not protected or sponsored by the law.