The President of Kyrgyzstan signed the law on exchange of credit information.
According to the document, credit histories will no longer include information about the subject of the credit information’s obligations to pay a sum of money if more than:
- two years have passed since the due date — for negative credit information;
- one year — for negative credit information on a credit transaction equal to or less than 30,000 soms.
Furthermore, credit bureaus are required to ensure the storage of positive credit information for five years.
The law comes into force in ten days after its official publication, on May 11.
