Today, the House of Representatives of the National Assembly voted in favour of amending the law On Credit Histories. This means that banks will receive more complete and reliable information about the creditworthiness of the recipients of loans. As Dmitry Lapko, the Deputy Chairman of the Board of the National Bank, noted, these amendments will lead to a reduction in credit risks and increase the financial stability of the country. Microfinance and leasing companies, as well as the Development Bank, will be added to the list of the sources of credit histories. The new document increases the transparency of the relations between the lender and the borrower.
Dmitry Lapko, the Deputy Chairman of the Board of the National Bank of Belarus: "When banks duly assess their risks, it benefits the public and the depositors, because banks use the money of their depositors. When a borrower takes money, banks must have a clear understanding whether the loan will be paid back or not. This way, we exclude impulse purchases, fleeting hobbies, etc. In general, in the world practice, it is considered that a person should not spend more than 50% of all their debts. The other 50% should go into daily expenses, bills, and so on."
According to the document, the credit history will be valid for 5 years. After that, all the data will be cleared.
