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Quod takes advantage of Goldfajn’s credit vision

Regulatory changes to Brazil’s positive credit bureau open way for fintech start-up; better data predicted to lead to lower cost credit and GDP growth.


Ilan Goldfajn, president of Brazil’s central bank

Changes to Brazilian financial regulation to lower the cost of credit that were proposed by Ilan Goldfajn, president of Brazil’s central bank, are about to lead to the first tangible result.

The creation of Quod, a data-management fintech created in 2017 by Brazil’s five largest banks – Banco do Brasil, Bradesco, Caixa Econômica Federal, Itaú Unibanco and Santander – is the direct result of Goldfajn’s first notable reform upon assuming leadership of the central bank in June 2016.

Goldfajn quickly proposed changing the country’s positive credit bureau from being an ‘opt-in’ for individuals to an ‘opt-out’. Speaking to Euromoney in February 2017, he explained that the change was motivated by a desire to increase the coverage of registered individuals.

“We suggest that the opt-out is better,” he said at the time. “If you are a good debtor, you will be on the list unless there is some reason you don’t want to be, which makes the list more complete.”


The positive credit bureau was originally intended to include all individuals’ credit information as a default, with an option to opt-out.

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