Brazil's central bank has authorized banks to access an additional year of customers' banking history data in the SCR Credit Information System, as it aims to bolster competition and make credit cheaper.
At present, banks can access 12 months of banking data when customers allow them to do so for loan applications. In a statement, Banco Central do Brasil said increased access to credit history would lead to a "better evaluation of the risk involved in each operation, increased competitiveness and the reduction of delinquency levels and interest rates."
The central bank said a more comprehensive record of credit history in the country would also help Brazil's evaluation and score in the World Bank's "Doing Business Index."
