Parliament passed a bill to amend and supplement a series of legal acts that refer to lending and creditworthiness. One of the novelties is that the number of sources based on which the credit report is compiled is extended to have a broader financial profile of the applicant for loans.

Aurica Doina, member of the Administration Board of the National Commission for Financial Markets, has told IPN that now the credit history contains only information from commercial banks and microfinance institutions. By extending the sources of the record of the borrower’s credit history, it will be possible to find out if the applicant possesses realty, savings and what salary incomes this has and how this honors the obligations based on the existing contracts. For example, if this bought domestic appliances On credit, it is established how the applicant pays the installments or how this pays for public utilities and makes other payments. “The presentation of the information at the credit bureau by other sources is optional, based on contract,” stated Aurica Doina.

In case of private individuals, the consent of the person is still need for presenting information to the credit bureau. The consent is obtained when the person applies for loans or purchases goods and services On credit. Based on an application, the bank can ask the persons to give their consent to accumulating and processing personal data.  

Another novelty is the externalization of the services and duties of the credit bureau. According to Aurica Doina, the advantage of this process is that it will enable the Moldovans who are abroad to access financing based on the national credit history. This way the persons will be able to prove their financial capacities and debt payment discipline. This mechanism will also provide negative information about the credit history and will thus exclude the possibility of taking out loans in the country and abroad and not repaying these.

The bill also reduces the period of keeping credit histories in databases. The National Commission for Financial Markets proposed decreasing the period from seven to five years.