Access to borrowers’ credit history expanded for banks in Azerbaijan
Baku, Azerbaijan, Feb. 14
By Azad Hasanli – Trend:
Banks in Azerbaijan in certain cases will be able to get access to the credit history of borrowers without their permission, Trend reports Feb. 14.
The corresponding changes were made to the “Confirmation procedure of obtaining permission of a subject of credit history for the credit bureau”. The amendments entered into force Feb. 8, 2019.
Thus, from now on, banks won’t need permission to obtain the credit history of borrowers, the legal relations with which were established before April 1, 2018.
The credit history of borrowers in Azerbaijan is stored in the Centralized Credit Register and the private credit bureau. Unlike the Centralized Credit Registry, a private credit bureau has more detailed information on debts.
Thus, the bureau collects, stores and analyzes information that forms a client’s credit history, obtained both from credit institutions and through leasing, insurance and utilities agencies, mobile phone operators and other databases related to debt obligations.
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