The President signed the Law "On Amendments and Addenda to the Law "On Credit Information Exchange" aimed at further improving relations in the credit sector".
An individual may prohibit the conclusion of a credit agreement with him by submitting an application to the credit bureau in order to prevent the execution of a credit agreement without his participation or knowledge.
An application to prohibit the conclusion of a credit agreement or to lift such a ban is submitted on the basis of an application in writing or electronically through the State Credit and Debt Collection Agency, public service centers or credit bureaus. This service is provided free of charge.
An application for a ban is immediately included by the credit bureau in the register of persons prohibited from concluding a credit agreement.
It is prohibited to conclude a credit agreement without obtaining information from the register of persons prohibited from concluding a credit agreement or without receiving information on the lifting of such a ban.
Also, amendments are being made to the measures to influence credit bureaus. The Central Bank applies measures and sanctions to credit bureaus for committing the following violations:
• failure to comply with the requirements of the legislation on the exchange of credit information and regulating the activities of credit bureaus;
• violation of the rights of consumers of credit bureau services;
• when it is determined that a license was obtained using forged documents.
In the event of violations, the Central Bank has the right to apply the following measures and sanctions:
• sending instructions to credit bureaus to eliminate violations, including the elimination of the causes leading to the violation of the rights of consumers of credit bureau services;
• levying a fine in the amount of 5 thousand times the minimum wage.
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