About 150 thousand citizens refused credit

As of October 1, 149,465 citizens in Uzbekistan have used the voluntary credit restriction service. According to the Credit Information Bureau (KIATs), this tool is becoming increasingly popular as a method to protect against fraud and impulsively taken loans.

Statistics show that the majority of those using the service are men – more than 101.4 thousand men and 47.9 thousand women. In terms of age groups, the most active group is those aged 26-35, making up one third of the total figure.

The next largest groups are those aged 36-45 (25.6%) and youth under 26 (19.2%). The service is becoming increasingly popular: in June, 33.1 thousand citizens activated this service, while in September the number of new users exceeded 40.8 thousand.

The legal basis for this mechanism is the law signed by Shavkat Mirziyoyev on March 4, which is aimed at preventing loans from being issued without citizens’ knowledge. The ban can be set or removed completely free and without limit through public service centers, the Single Interactive State Services Portal (YaIDXP), or directly at the credit bureau.

Once an application is submitted, the information is immediately entered into a special register. Credit organizations are required to check potential borrowers against this register.

Now, banks and microcredit organizations bear full legal responsibility for issuing loans to persons on this list. The voluntary credit restriction mechanism is seen in many countries as an effective tool to improve financial discipline and reduce public debt levels.

It is also an effective measure to prevent financial fraud targeted at socially vulnerable groups. Read “Zamin” on Telegram!