Brazilian Central Bank to Keep track on my American Express

[Steve_A]

Hi Everybody,

Not that I'm bragging, but I have a green American Express charge card. Together with my monthly extract came a nice little letter which I will translate in full:

"Know the new norms of the SCR: Credit Information System of the Central Bank

The Credit Information System of the Central Bank (SCR) is the principal instrument used by the banking supervision to accompany the credit spread of financial institutions. Based on positive information, it contains data about the behaviour of clients in respect to their contractual obligations in the financial system. In this way, it performs an impórtant role to guarantee the stability of the National Financial System and in the prevention of crisis, proportioning more ease for clients of financial institutions and more transparency for society.

In accordance with the Resolution of the Central Bank of Brazil No. 3.658, of the 17th of December 2008, which instituted the SCR, the Bradesco Organization (who administer my charge card), communicate to its' clients who carry the American Express Membership Cards that:

All and any charges and responsibilities arising from operations with characterisitcs of credit realized by the customer together with the Bradesco Organization will be registered in the Credit Information System (SCR) generated by the Central Bank (Bacen), as well as in the systems that compliment or supercedes it;

The SCRs' objective is to deliver information to Bacen with the objective to supervise credit risk which are exposed to financial institutions and to provide an exchange of information between these institutions with the objective to subsidise credit and business decisions;

The client may have access the current data in their name in the SCR through a Public Attendance Center of the central Bank of Brazil;

Calls for corrections, exclusions, the registration of legal measures or protests of disagreement about the current information of the SCR should be directed to the Bradesco Organization by way of founded written application and, when is the case, accompanied with the respective judicial decision.

The consultation of any information to the SCR will depend on the authorization of the client.

For more information consult the site of the Central Bank of Brazil:
www.bcb.gov.br "

What does this letter and legislation mean? It means that now the government along with any financial institution can track where, when, how, and how much I use my charge card.

The rot is setting in. Beware UK and US... you will be next.

Remember you heard it here first!

Best regards,

Steve