According to the proposed amendments, the following periods are planned for the exclusion of data from credit histories:
- three years — for negative information;
- one year — for negative information on loans not exceeding 10,000 soms;
- five years — for positive information.
Additionally, the initiative implies a reduction in the retention period of credit information from liquidated creditors from five to two years.
The draft law also makes amendments to Article 14 of the existing legislation, which pertains to the timeframes for providing various types of credit data and clarifies the accounting of small loans in credit histories.
The aim of this initiative is to improve financial inclusion, simplify access to loans for citizens and entrepreneurs, and reduce the burden on the banking sector, as stated in the explanatory note to the document.
According to the authors, there are about 200,000 borrowers in the country who are in the so-called "credit blacklist."
The developers of the initiative note that the current rules stipulate the retention of positive credit information for up to seven years and negative information for up to five years, which, in their opinion, limits the opportunities for borrowers even if their obligations have been fulfilled.
Previously, the draft law was presented for public discussion and revised taking into account the proposals received from the National Bank and credit bureaus. The adoption of this document will not require additional expenditures from the state budget and will not negatively impact the socio-economic situation in the country.
