The Right to a Second Financial Chance and the Challenges That Still Persist

Financial Services attorney Camilo Gantiva Hidalgo was cited in an article published by Portafolio about Law 2157 of 2021, known as the "Borrón y Cuenta Nueva" Law, which aims to mitigate the financial exclusion of Colombians affected by negative credit reports following the COVID-19 pandemic. Mr. Gantiva explained this regulation was enacted "in response to the economic difficulties caused by the COVID-19 pandemic, which affected the payment capacity of many Colombians," although he warned that persistent problems such as high interest rates, unemployment and informality continue to restrict credit access.

"[These structural factors] limited access for certain segments of the population," he said.

READ: The Right to a Second Financial Chance and the Challenges That Still Persist