Tashkent, Uzbekistan (UzDaily.com) — The Senate of the Oliy Majlis has approved the law "On Amendments and Additions to the Law of the Republic of Uzbekistan ‘On the Exchange of Credit Information,’" aimed at enhancing the security of credit transactions and preventing fraud, the Senate’s press service reported.

The document grants citizens the right to impose and lift a ban on taking out loans in their name. It also regulates the inclusion of individuals in the Register of Persons Prohibited from Entering into Credit Agreements and establishes liability for violations of this ban by users of credit information.

The law is designed to prevent fraudulent loan issuance without citizens’ knowledge and the misappropriation of funds through deceptive schemes.

Additionally, it defines the rights and responsibilities of individuals when interacting with credit bureaus, including the ability to submit applications to block credit access, obtain information about their status in the register, and understand applicable sanctions.

These amendments will allow citizens to personally block the possibility of loans being issued in their name, serving as an effective safeguard against financial fraud.