Currently, a positive credit history is maintained for 7 years, while a negative one is kept for 5 years.
In Kyrgyzstan, there is an initiative being considered to reduce the time for storing information about debts and loan delinquencies. At present, negative information remains in the system for 5 years, but after the implementation of new amendments, this period may be reduced to 3 years. This draft law is currently under discussion in its first reading within the framework of the committee of the Jogorku Kenesh, which deals with finance, budget, entrepreneurship, and competition development.
According to the justification for the draft law, if a borrower successfully repays a loan, positive information about them will be stored for 5 years, which is less than the current period of 7 years. For small loans not exceeding 10,000 soms, information about delinquencies will be kept for only 1 year. In cases where the lending institution that provided the loan ceases its operations, data about the loan will be stored for 2 years.
The main goal of the proposed changes is to provide people and small businesses with the opportunity to regain access to credit, improve financing conditions, and reduce the level of shadow loans. The development of the draft law also takes into account the experience of neighboring countries, where similar measures have already demonstrated their effectiveness for borrowers.
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