In Ukraine, the rules for credit histories may be rewritten. The Committee of the Verkhovna Rada on Finance, Taxation and Customs Policy has recommended adopting the relevant draft law No. 12260 as a basis. Reports TSN. This information was shared by Kontrakty.UA.
The head of the committee, Danilo Hetmantsev ("Servant of the People"), announced this.
"The committee recommended adopting draft law N12260 on credit history as a basis. The draft law proposes to establish the legal, financial, and organizational foundations for maintaining credit histories," he wrote.
The head of the same committee, Olga Vasylevska-Smahliuk, who is also one of the authors of the document, claims that the adoption of the document will enhance the protection of borrowers' rights. Additionally, the draft law aims to address the issue of fraud during the provision of loans.
It should be noted that the National Bank proposes to ensure that borrowers have the opportunity to express their unwillingness to enter into loan agreements. Such data is suggested to be included in the credit report at the request of the borrower who wishes to protect themselves from fraud.
The National Bank also suggests retaining credit histories for a period of 10 years, after which all data should be destroyed. Meanwhile, during this specified period, credit bureaus will be required to correct erroneous data and ensure reliable protection of information.