Credit bureaus can obtain licenses by September 1

The term of half a year for applying for licenses given to credit bureaus expires on September 1, Info- Prim Neo reports. The law on credit bureaus came into force on March 1, 2009. It aims to reduce lending risks by providing the banks with consumer credit information on individual consumers (credit reports). The credit scores are designed to facilitate consumer borrowers’ access to finances and simplify lending. Alina Cebotariov, director of the Microfinance and Collective Placements Department of the National Commission on the Financial Market (CNPF), reminded that the Commission formulated the regulations concerning the licensing of credit bureaus on the basis of this law. The regulations explain the methods of collection information about the potential clients of the banks and later of the service providers and the technical conditions that can ensure the integrity and security of databases. The credit bureaus are to have associations (if they are joint stock companies) or stakeholders (if they are limited liability companies) with a stable financial situation and solid business reputation, while the administrators of credit bureaus must not have a record of economic offenses. Alina Cebotariov also said that she recently had a discussion with representatives of the credit bureau of the Banks’ Association of Moldova. They said that the application for license and the necessary documents will be submitted to the CNPF in the near future. No other intentions to obtain licenses have been made public yet. The law does not limit the number of credit bureaus that can be founded in Moldova.