Credit history reform: what innovations are being prepared for borrowers
8 October 11:17
On Tuesday, October 7, the Verkhovna Rada of Ukraine passed the first reading of the draft law No. 14013. It changes the approach to the formation and use of citizens’ credit histories.
This is stated in the text of the bill, "Komersant Ukrainian" reports.
The document aims to increase the transparency of the credit market, protect the rights of borrowers and ensure reliable control over the activities of credit bureaus. The law should also ensure that credit history is used exclusively for solvency assessment and risk management.
In addition, the changes will ensure the reliability and timeliness of data transfer from creditors to the bureaus. They will also give citizens real control over their own financial data and the ability to correct inaccuracies.
What will change for Ukrainians
Thus, among the main innovations for citizens is that every borrower will be able to check their credit history and correct errors for free. The draft law introduces a “stop-credit” mechanism, which means that no financial organization will be able to issue a loan without the person’s consent upon the relevant application.
In addition, during martial law, relatives of missing persons or representatives of deceased borrowers will have limited access to data to settle financial issues. At the same time, an electronic Register of Credit History Bureaus is to be created. This will increase market transparency and ensure control over the circulation of financial data without violating confidentiality.
