In Kyrgyzstan, changes are planned to be made to the legislation regarding the retention periods of information on credit debts and delinquencies. Currently, negative information is stored for 5 years; however, after the amendments are made, this period will be reduced to 3 years. The corresponding draft law is being considered in its first reading in the committee of the Jogorku Kenesh responsible for finance, budget, entrepreneurship, and competition.
According to the note accompanying the draft law, if a borrower successfully repays a loan, the information about it will be kept for 5 years instead of the current 7 years. For microloans not exceeding 10,000 soms, the retention period for overdue information will be only 1 year. Additionally, if the lending organization that issued the loan ceases its operations, the information about the loan will be retained for 2 years.
The main goal of these changes is to facilitate access to loans for citizens and small businesses, as well as to reduce the level of shadow lending. The draft law is based on the experience of neighboring countries, where similar measures have already proven effective for borrowers.
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