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Report: More Brazilian states consider implementing São Paulo consumer debt law

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Report: More Brazilian states consider implementing São Paulo consumer debt law

A São Paulo law that requires credit research firms such as SerasaExperian and Boa Vista Serviços to notify debtors before adding their names to adefault list may be adopted by at least 10 other Brazilian states, a move that couldincrease credit costs, Valor Econômicoreported April 7.

Since such law took effect in São Paulo in September 2015, itprevented approximately 58.3 billion Brazilian reais in debt from being includedon default lists, about 25% of the total, according to Serasa calculations.

As of April 7, US$1 wasequivalent to 3.70 Brazilian reais.