Parliament approved amendments to law on Credit Bureaus

Astana. July 11. Kazakhstan Today - At the plenary session the Senate deputies passed the law on amendments and additions to the law on Credit Bureaus and Formation of Credit Records in Kazakhstan, the agency reports.

"The law has been developed to improve some of the clauses of the law and directed at improvement of the system of formation of credit records and monitoring of paying ability of subjects of credit records," the resolution of the Senate Committee for Economy, Finance and Budget states.

The introduced amendments provide "variety of contracts depending on a subject of the contract - on granting information or receiving credit reports, concrete terms of concluding contracts with credit bureaus mandatory suppliers of information, and the terms of granting of the amended information by credit bureaus to addressees of credit reports and suppliers of information."

The amendments establish responsibility for keeping confidentiality of information containing in a database of credit records, during reorganization or liquidation of a credit bureau, and the order of transfer and extermination of the database.

The law has been directed to the President.

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