The Cabinet of Ministers aims to simplify access to loans for citizens and businesses through faster clearing of credit histories.
During the third reading, the profile committee of the Jogorku Kenesh, which deals with finance, budget, entrepreneurship, and competition development, approved the bill amending the law "On the Exchange of Credit Information." The initiator of this document was the Cabinet of Ministers.
According to the proposed amendments, the storage periods for credit information for borrowers will be reduced. In particular, negative information will be stored for not five years, as is currently the case, but only two years. It is also proposed to reduce the storage period for positive credit history from seven to five years.
The developers of the law emphasize that these changes are aimed at improving legislation in the field of credit information and should facilitate citizens' access to loans. Furthermore, it is expected that the innovations will reduce the burden on the banking system and create more favorable conditions for the growth of small and medium-sized businesses.
If the law is adopted, the new rules could significantly change the process of forming borrowers' credit histories and the approach to assessing their creditworthiness by financial institutions.
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