People with bad credit history can get a second chance

At a meeting of the Jogorku Kenesh, the Committee on Finance, Budget, Entrepreneurship and Competition Development approved in the first reading a bill aimed at facilitating access to credit for borrowers, reducing the burden on the banking system and stimulating the development of small and medium-sized businesses.

The meeting considered the bill ‘On Amendments to the Law ’On Credit Information Exchange‘’, initiated by the Prime Minister.

Deputy Minister of Economy Benazir Nurlanova explained that it is proposed to reduce the storage period for credit information: negative information from 5 to 3 years, positive information from 7 to 5 years, and for loans up to 10,000 KGS - up to one year.

Credit information transferred to the credit history bureau by a bank or other organisation that was subsequently liquidated will be stored for less time. The storage period for such data is reduced from 5 to 2 years.