Representatives of interested ministries and departments, international institutes, credit organizations and experts participated at the seminar.

The law “On exchange of credit information” discussed is directed at creating effective system on exchange of credit information and providing information on current state of credit deal, execution of liabilities on deals, as well as other information, which allow to determine solvency, financial position, paying capacity, payment discipline, and other quality of credit information subjects.

The main of the law is to regulate relations in exchange of credit information. The document determines main concepts, related to exchange of credit information, registration of credit bureaus, mechanisms of reorganization and liquidation, etc.

Credit information exchange is interaction of credit bureaus, subjects, suppliers and users of credit information on collecting processing, analyzing, storing, providing and protecting credit information to form credit history and present credit report.

According to the law, subjects of credit information are legal entities and individuals, who act as debtor, lessee, guarantor, depositor and insurer on loan deal.

Aggregate credit information, formed by credit bureau, is credit history. These include information, which allow to identify subject of credit information, his credit deals and current state of their execution, their liabilities, etc.

The law determines main activities of credit bureau. The credit bureau are organizations, licensed by the Central Bank, which render services on credit information exchange.

The credit bureau has right to request objective, reliable and updated credit information from supplier. The credit bureau provides consultative and other services to users of credit information to help them to make assessment on solvency, financial situation, paying capacity and payment discipline of credit information subject.

The credit bureau should include new data to credit history within a day after receiving new information on credit information subject. The bureau keeps credit information within five years.

The credit bureaus, suppliers and users of credit information should protect information from unendorsed access, elimination, change or disclosure.

The law serves for improvement of credit infrastructure, decrease risks in activity of credit establishments, effective crediting and optimizing their activities.

During the seminar, experts noted that the law corresponds to international norms and serve as firm ground for forming effective credit information exchange system.