In Kyrgyzstan, there are plans to reduce the storage period for information on debts and overdue loans. Currently, negative data is stored for 5 years, but under the new changes, this period will be reduced to 3 years. This draft law is currently under consideration in the first reading by the committee of the Jogorku Kenesh, which is responsible for finance, budget, entrepreneurship, and competition development.
According to the explanatory note to the draft law, if a borrower has been making timely payments on a loan, information about them will be stored for 5 years instead of the previous 7. For loans amounting to no more than 10,000 soms, the storage period for overdue data will be only 1 year. In the event of the closure of the bank or organization that issued the loan, the information will be stored for 2 years.
The main goal of the proposed changes is to improve access to loans for citizens and small businesses, as well as to reduce the volume of shadow lending. The draft law is based on the experience of neighboring countries, where similar measures have already had a positive impact on borrowers.
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