At a meeting of the Jogorku Kenesh, Deputy Minister of Economy and Commerce Binazir Nurlanova presented a draft law concerning amendments to the Law of the Kyrgyz Republic "On the Exchange of Credit Information." According to her, currently, credit bureaus in the country store positive credit information for 7 years, while negative information is retained for only 5 years.
“The existing practice creates difficulties for borrowers who previously fulfilled their obligations in good faith. When they reapply to banks, they often face refusals,” she noted. “As a result, many citizens and entrepreneurs are forced to seek financing through microcredit organizations or unofficial sources.”
Nurlanova emphasized that there are over 20,000 small and medium-sized enterprises in Kyrgyzstan, and the total number of individual entrepreneurs exceeds 500,000, with 96.1% of them being microenterprises.
According to the proposed draft law, the initiators intend to reduce the retention period for negative credit information to 3 years and for positive information to 5 years. It is also proposed to establish a retention period for information on loans up to 10,000 soms at one year, she added.
