In Kyrgyzstan, the storage period for negative credit history will be reduced from 5 to 2 years

In Kyrgyzstan, it is planned to significantly reduce the storage period for citizens' credit histories. Negative information will be stored for only 2 years instead of the previous 5, while positive information will be kept for 5 years instead of 7. This draft law "On the Exchange of Credit Information" was supported today, March 2, by the relevant committee of the Jogorku Kenesh in its second reading.

The adopted changes are aimed at improving citizens' access to loans, which, in turn, should reduce the burden on the banking system and promote the development of the small and medium-sized business sector.

The initiator of the amendments was the Chairman of the Cabinet of Ministers. The Deputy Minister emphasized that these changes are aimed at improving legislation in the field of credit information and creating more favorable conditions for borrowers who previously faced long-term restrictions due to past debts.

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The storage period for negative credit history in Kyrgyzstan will be reduced to three years