The Cabinet of Ministers proposes to simplify the process of clearing credit histories for citizens and businesses
In the third reading, the profile committee of the Jogorku Kenesh, which deals with finance, budget, entrepreneurship, and competition development, gave the green light to the bill on amendments to the legislation "On the Exchange of Credit Information." The initiative was put forward by the Cabinet of Ministers.
According to the proposed bill, it is planned to reduce the storage periods of borrowers' credit data. In particular, negative credit information will be stored for not five years, as currently established, but only two years. It is also proposed to reduce the storage period of positive credit information from seven to five years.
The authors of the amendments claim that these measures are aimed at improving the legislation in the field of credit information, which, in turn, should simplify citizens' access to loans. It is expected that such innovations will reduce the burden on the banking system and create more favorable conditions for the development of small and medium-sized businesses.
If the bill is adopted, it will change the procedure for forming borrowers' credit histories and the methods used by financial institutions to assess their creditworthiness.
Photo www
