BAKU, Azerbaijan, Sept. 3
By Zeyni Jafarov - Trend:
All credit unions operating in the country will have the access to the credit information in accordance with the changes to the Law of Azerbaijan "On Credit Unions", Trend reports on Sept. 3 referring to the Central Bank of Azerbaijan (CBA).
All credit unions operating in the country will also be able to more correctly assess the creditworthiness of borrowers and more effectively organize the decision-making process.
The information must be exchanged between the Centralized Credit Registry and credit bureaus on the one hand and credit unions on the other hand in accordance with the changes made to this law.
The credit union must provide information about each borrower to at least one credit bureau and to the Centralized Credit Registry, created by the CBA.
A training webinar entitled "Rules for submitting information to the register" was held with the participation of representatives of all credit unions operating in the country taking into account the above-mentioned aspects and to more efficiently organize the process of providing information about the borrower to the credit registry by the credit union.
Taking into account that the procedure for providing information by the credit union about the borrower to the credit bureau and receiving information from it is regulated by the Law of Azerbaijan "On Credit Bureaus", the requirements arising from the legislation relating to this process were brought to the attention of the webinar participants and answers were given to the raised questions.
“The CBA constantly focuses on the issues of "healthy growth" of lending and responsible borrowing in credit organizations, the creation of a favorable regulatory framework for the exchange of information on loans and the formation of "healthy" components in the field of private credit reporting, strengthening of risk management policy and decision-making processes in credit organizations,” the message said.
“The appropriate measures will be taken in this sphere in the future,” the CBA said.
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