Chilean financial transparency and credit regulation

Chile has introduced new financial regulations aimed at increasing transparency and improving credit management. Initially, the consumer protection agency Sernac implemented a new Credit Card Regulation to replace rules from 2012. This regulation requires issuers to use a standardized Summary Sheet to disclose interest rates, fees, and other terms, which Economy and Mining Minister Daniel Mas described as a “before and after” for consumers.

Following this, the country implemented the Consolidated Debt Registry (Redec) under Law No. 21,680. Managed by the Financial Market Commission (CMF), this system centralizes debt information from over 150 entities. The registry is designed to provide a unified view of credit histories to prevent businesses from obtaining financing from multiple sources without institutional visibility into their total debt. The measure specifically aims to assist small and medium-sized enterprises (SMEs) by allowing for more accurate financial evaluations and potentially reducing credit rejection rates for those with good histories.