According to the amendments made, the storage periods for the credit histories of citizens of Kyrgyzstan will be significantly reduced: negative information will be stored for two years instead of five, while positive information will be stored for five years instead of seven.
This draft law provides for changes in the storage periods of credit data, which should facilitate access for citizens to loans, reduce the burden on the financial system, and promote the development of small and medium-sized businesses.
"We propose to shorten the storage period for negative credit history to two years, and for positive history to five, taking into account the suggestions of the deputies," noted Deputy Minister of Economy Benazir Nurlanova.
According to the deputy minister, these changes are aimed at improving legislation in the field of credit information and creating more favorable conditions for borrowers who previously faced long restrictions due to past debts.
The committee approved the draft law in the third reading without further discussions.
