The shelf life of credit histories will be shortened: Parliament passed a law

The Senate in two readings adopted amendments on the regulation of banking, microfinance and collection activities, reports.
The law obliges collection agencies to record video and audio of any process of communication with the debtor. According to the deputies, this rule will help to avoid rough treatment or violations of the law by the collectors.

In addition, a ban is established on interaction with the debtor from phone numbers not registered with the collection agency.
For collection agencies, there are also requirements for the minimum size of their authorized capital.

One of the main innovations is the reduction of the storage period for credit history from 10 to five years.

"Banks refuse to lend to those people who have had a delay in loan payments over the past 10 years. Reducing the storage period of credit history from 10 years to five years will allow about 490 thousand of our fellow citizens to provide an opportunity, if necessary, to obtain loans from banks and microfinance organizations. ", - said Senator Olga Perepechina.

Nurlan Abdrakhmanov, deputy head of the Agency for Regulation and Development of the Financial Market, added that there are two credit bureaus in the country. They have information on about 6.7 million borrowers, including active, repaid loans and overdue loans.
"Of this number, one and a half million citizens have already repaid loans, but they have a negative credit history, they were overdue for more than 90 days. Banks and microfinance organizations refuse to receive new loans. Of this number, 489 thousand people repaid overdue loans more than five years ago. , and more than 7 and 10 years - 346 and 107 thousand people, respectively. Thus, reducing the term from 10 to five years has a greater economic and social effect, "Nurlan Abdrakhmanov said.
The amendments also provide for norms obliging microfinance organizations to indicate information on the full cost of the loan on the first page of the agreement, prohibiting banks and microfinance organizations from charging remuneration on capitalized overdue remuneration (forfeit, fines, penalties, commissions).

In addition, changes were made in the Mazhilis to prevent an increase in lending risks and an excessive increase in the debt burden of citizens on loans: after 180 days of delay, a ban is introduced on the accrual of remuneration, commissions and other payments on all mortgage loans (for reference: applies to housing mortgage loans); by analogy with banking legislation, the amount of the penalty for delay on microcredits is limited.

The law will be submitted to the Presidential Administration.

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