Credit histories of the citizens of the RF will be declassified

Today, in a period of financial uncertainty, when the economy of the country shows negative signs of slowdown and the debt burden on banking sector increases, the Ministry of Finance of the RF simplifies the access to the credit histories of the citizens, either for the citizens themselves who has taken out a loan, or for legal persons.

At the present time under the current Federal law «About credit histories», a borrower has an opportunity to get the mentioned data free of charge once a year, for the repeated requests he will have to pay to the Credit history bureaus (CHB).

At the moment the new initiative of the Ministry of Finance is at the stage of discussion, the law «About Consumer credit (loan)» passed at the end of December will come into effect on the 1st of July 2014. According to new legislation, not only banks, but also other creditors are obliged to convey information on the borrower to the CHB, with no concurrence required from him. Informational part of the credit application, where a person fills out the details about himself, from now on will be accessible to legal entities and IE, who has entered into a relevant contract with the CHB. Besides, the credit history of the borrower will contain not only the whole information on the loan provided, but also request denials and about their reasons. Such data will be interesting as well for financial institutions, as, for example, for employers hiring new employees.

It should seem, commonsense initiative of openness and accessibility of information with the purpose of the business safety, security of a bank from citizens not in good faith has to be approved, however it raises the question which remains open: how protect the right-minded citizens from underhand dealing with their personal documentary materials or using of them by questionable legal entities and individual entrepreneurs (IE)?