Consumers who own finance can now transfer their debt from one bank to another in search of better rates. The so-called Credit Portability is guaranteed by Resolution No. 4,292 of the National Monetary Council.
Debt Trading and Portability
That’s right. If you have a real estate or vehicle financing, payroll loan or personal and are interested in getting proposals from other banks, contact your financial institution by reporting this.
Under the new rule, within one business day, your bank must pass you a consolidated debt with information on the interest rate, outstanding balance, and contract number. With this information in hand, you can contact other banks for more advantageous rates searches.
What is debt portability?
The portability of credit is the option of a debtor (individual or legal entity) to transfer their debt from one financial institution to another.
With it, the consumer has the possibility to negotiate lower interest rates. But know that the Central Bank does not oblige the financial institution to accept the transfer of debt from another, so if you have an interest in portability, you need to check with the bank you choose if it is possible to make the transfer.
Is it possible to make portability for any type of debt?
Portability is allowed for any type of loan. See examples of physical lines of credit that are available for portability:
- Credit card;
- Vehicle financing;
- Real estate credit;
- Personal credit;
- Payroll loans.
What are the advantages of debt swapping and portability?
One of the main advantages is the opportunity to renegotiate the debt for a lower interest rate using the payroll loan for civil servants and INSS beneficiaries or even other credit alternatives that fit in your pocket.