Chilean Congress OKs Legislation to Regulate Credit Rating Reports, Pardon Debts

SANTIAGO—The Chilean Congress has approved legislation tightening up regulation of consumer credit rating reports.

Ninety-seven deputies in the lower house of Congress unanimously approved the legislation Jan. 24, which is widely referred to as the “No More DICOM” law, after the main credit analysis product offered by the local subsidiary of Atlanta, Georgia-based Equifax, Inc.

The bill would oblige companies to remove debtors from their lists within 72 hours of a debt being paid and limit access to the reports by lenders such as banks and department stores.

Individuals would also be allowed to find out how many times their ...