Amendments to the law "On credit histories"
The Federal Law No. 302-FL of July 31, 2020 introduced significant amendments to the law "On credit histories". They are aimed at a comprehensive modernization of the existing system for the building up credit histories.
In particular, the amendments concerned the focus of the law. Now the goals of the law are:
- strengthening the protection of creditors and borrowers, as a result of an overall reduction in credit risks;
- improving the efficiency of providing and returning borrowed funds;
- creation and definition of conditions for the collection, processing, storage and submission of information to the credit histories bureaus of information characterizing the timeliness of fulfillment of obligations.
The following authorities may cooperate with the credit histories bureaus:
- courts on cases in their proceedings;
- federal executive authorities;
- arbitration managers.
The amendments introduced qualified credit histories bureaus, which are authorized to calculate the total debt or payment burden of citizens.
To improve the reliability and quality of data used to calculate the debt burden, the law provides for the exchange of information between qualified and other credit histories bureaus, as well as between credit histories bureaus and creditors.
Significant amendments were made to the provisions on the composition of information included in the credit history.
Now, the main part of the credit history of individuals should contain the following information concerning the subjects of credit history:
- place of registration and actual place of residence;
- phone number (including mobile);
- e-mail addresses, if provided by subjects of credit history;
- information on state registration of individuals as individual entrepreneurs;
- information about the procedures for insolvency (bankruptcy) of individuals, if the arbitration court has accepted an application for recognition as insolvent (bankrupt);
- information about illegal actions of individuals in insolvency (bankruptcy);
- information on deliberate or fictitious bankruptcy, with the link and date on the inclusion of information in the Unified Federal Register of Bankruptcy Information.
In addition, a new list of information has been formed regarding the obligations of borrowers, guarantors, principals and lessees.
Thuswise, the list of transactions for which information should be sent to the credit histories bureau, as well as the list of sources for building up credit histories, has been clarified.
The law also expands the supervisory powers of the Central Bank of the Russian Federation in relation to credit histories bureaus.
According to the information of the Central Bank of the Russian Federation, as of September 25, 2020, the State Register of Credit Histories Bureau contains information about 9 credit histories bureaus. Information on bureaus is available for the subscribers of the Information and Analytical system Globas.