Financial Services attorney Camilo Gantiva Hidalgo discussed Law 2157 of 2021, also known as the ‘Borrón y Cuenta Nueva’ Law, in an article published by Portafolio. The law aims to address financial exclusion for Colombians negatively impacted by credit bureau reports following the Covid-19 pandemic. Mr. Gantiva noted that this regulation was introduced “in response to the economic difficulties caused by the Covid-19 pandemic, which affected the payment capacity of many Colombians.” However, he cautioned that ongoing issues such as high interest rates, unemployment, and informality continue to hinder credit access for various segments of the population.
“These structural factors limited access for certain segments of the population,” he said.