According to the proposed draft law, data on obligations that have expired more than:
- three years — for negative credit information;
- one year — for negative information on loans up to 10,000 soms;
- five years — for positive credit information.
It is also planned to reduce the retention period for credit information from liquidated creditors from five to two years.
Additionally, the changes affect Article 14 of the current law, shortening the periods for providing certain types of credit information and clarifying the procedure for accounting for small loans in credit histories.
In the explanatory note to the initiative, it is emphasized that its main task is to increase financial accessibility, simplify the process of obtaining loans for citizens and entrepreneurs, and reduce the burden on the banking system.
According to the authors, there are about 200,000 borrowers in Kyrgyzstan who are in the "credit blacklist".
The developers of the draft law point out that the current rules provide for 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 after fulfilling their obligations.
The draft law was previously submitted for public discussion and revised taking into account the proposals of the National Bank and credit bureaus. The document notes that its adoption will not require additional budget expenditures from the republic and will not lead to negative social or economic consequences.
