Amendments to the law “On credit histories”

In our publication from December 5, 2017 we spoke about procedure of obtaining data from counterparties’ credit histories.

The Federal Law №327-FL from August 3, 2018 detailed the procedure and ways of carrying the consent of borrowers on obtaining their credit reports by users.

The adopted amendments define the concept of credit or loan agreement. Today it includes bank account agreement considering making payments from accounts at shortage of money on them, i.e. lending of accounts. These data will be included in the scope of information sending to the credit bureau.

The sources of information for making of credit histories involve liquidation committees or liquidators, purchasers of rights of claims for obligations, including mortgage agents and specialized financial companies.

It was clarified the order of requesting on providing credit reports for borrowers, and procedure of recognition of borrowers using the unified system of identification and authentication.

Following the adoption of amendments, one bureau is limited in provision to borrowers of free credit reports up to 2 times per year, and once a year it is permitted to provide hard copy. As in the previous edition of the law, the number of charged reports is not limited.

Credit reports are available for users only by approbation of borrowers. Content, requirements of the approbation and procedure for obtaining are also defined by the law.

As of 14.09.2018, the State register of credit bureaus of the Central Bank of RF contains information about 13 active bureaus. Details of their activity are available by subscription to the Information and Analytical system Globas.