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Know how to clear your name at Bacen is the first step to getting out of debt and keeping your name clean for credit approval on the market. However, you need a few tips to make this process easier. Here's how to clear your name at the Central Bank.

Why clear your name with Bacen

All transactions made through the banks are passed on to the Central Bank and stored in the SCR, which is the Credit Information System. This system records all transactions with a value of R$200.00 or more.

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So whenever you apply for loans, financing or credit increases from your bank, this information is passed on to Bacen. When you fall into arrears or don't pay some installments on purchases or financing, Bacen also registers it, and your name becomes delinquent.

What few people know is that even if you get your finances in order, your name will still be on the SCR, especially if you have settled your debts. This is because any discount offered by creditors is recorded as an outstanding balance and can be consulted by banks when applying for new credit.

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This system is very bureaucratic and often tires out the consumer who is trying to clear their name, so it's important to know strategies to get rid of the SCR.

How to remove the restriction at the Central Bank

All the information registered in Bacen's SCR is supplied by the financial institutions. Credit limits, fees and debts. In order to clear your name in the system, the institution where you negotiated and paid off the debt must provide the annulment and register it in the SCR.

However, some institutions can take more than thirty days to update the information, which slows down the process and causes the consumer to lose credit. Therefore, to get rid of the debt more quickly, the ideal is to contact your bank's provider and ask them to remove the restriction.

The financial institution must remove the restriction immediately after the debt has been settled. If it doesn't, you'll have to file a complaint and, in the most extreme cases, a lawsuit, which should be considered if the institution doesn't remove the restriction as soon as possible.

Consult the SCR

You have the right to access all the information associated with your name, and creditors must record this data in a simple and easy-to-understand way. So accessing and consulting the SCR is not complicated, although interpreting the information may seem challenging.

To consult the SCR you must first access the Central Bank's registry website and register. Choose between individual or company, and in another browser tab access your financial institution's Internet Banking.

After registering with Bacen you will receive a security phrase, validate the phrase and create a password. Once you have done this, you will have access to the registry. Now you need to request a statement with all the information registered in your name.

Check for time-barred debts

The first thing to check in the SCR is whether there are any time-barred debts registered in your name, because according to the law, consumers cannot have their credit compromised due to debts that have been time-barred for more than five years.

Also make sure that you are not being restricted for debts that have already been paid off, as some institutions take a long time to update the information in the SCR, but it is the creditors who are obliged to remove the consumer's name from the Bacen system.

Contact the financial institutions

After examining the registry statement in detail, contact the financial institutions that keep your name on the list of defaulters and be prepared to prove that the debts registered in your name are irregular.

You can prove the irregularity of the debts by proving that the debts have been overdue for more than five years, by proving full payment of the debt, by showing agreement with the discount granted by the bank so that the debt can be paid off, or by taking legal action against the creditor institution.

If you have a Bacen restriction, access the SCR as soon as possible and prepare your defense so you can clear your name.

Credit Information System

It's important to know that banks keep information in the SCR about debts that have already been paid, which is illegal. But it is from this system that other banks will consult your name and decide whether to approve credit or not, so it is important to be consulting this system.

However, the information registered in the SCR is not permanent, it only provides information for the last 24 months, so even if you have missed a payment, focus on keeping your bills up to date so that you can gradually get off the list.

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