The Verkhovna Rada adopted in the first reading as a basis the draft law (No. 14013) on credit history, which, in particular, introduces the "stop-credit" mechanism, the Verkhovna Rada reported on Tuesday, writes UNN.
Details
The purpose of the draft law, as reported, is to strengthen the protection of borrowers' rights, improve information exchange in the credit market and increase its quality, as well as encourage responsible lending and ensure the targeted use of credit history exclusively for assessing creditworthiness, managing credit risk, and identifying and verifying clients.
It is proposed to establish the legal, financial, and organizational principles for maintaining credit histories: collection, processing, storage, protection, and use of information on the fulfillment of monetary obligations by individuals, the functioning of institutions related to the collection, processing, storage, protection, and use of this information, and the legal basis for state supervision of such activities.
The draft law clarifies the list of information included in the credit history, the terms of its storage (up to 10 years), and the mechanisms for its destruction after this period expires. Creditors will be obliged to transfer data to credit bureaus within two working days - this, as noted, should prevent delays and reduce the risks of fraud.
One of the main innovations, as noted, is the "stop-credit" mechanism - every citizen will be able to declare an unwillingness to enter into new credit agreements. Any credit issued after such a statement may be declared void. "This significantly increases the protection of citizens from fraudulent schemes and credit pressure," the statement says.
The draft law, as indicated, guarantees the right of a citizen to free access to their own credit history and the possibility of correcting or deleting inaccurate data.
Control over the activities of credit bureaus is entrusted to the National Bank of Ukraine, which will supervise, inspect, and certify security systems. The possibility of cross-border data exchange is also provided - with the consent of the borrower.
The adoption of the draft law, as expected, will contribute to reducing the share of overdue loans, strengthening financial discipline, and ensuring compliance with international data protection standards. This is called an important step towards the stability and transparency of the Ukrainian financial sector.
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