What is a credit history and how is it formed?
A credit history is the aggregate credit information about you, compiled by a credit bureau based on data received from information providers (credit institutions). It includes detailed records of all your outstanding and repaid loans and credits, including any delinquencies.
Why is a credit history needed?
A credit history allows banks and other lenders to assess your reliability as a borrower and make lending decisions. It also enables you to monitor the accuracy of your own credit record and stay informed of any changes. For this reason, it is recommended to check your credit history regularly.
Can I contact Ishenim Credit Bureau to request correction or removal of delinquency and debt information in my credit history?
According to the Law of the Kyrgyz Republic “On the Exchange of Credit Information,” a credit bureau must maintain its database in accordance with data provided by information suppliers. This means Ishenim Credit Bureau cannot independently alter any credit information in its database. Corrections may only be made either by the original information provider (the lending institution) or by Ishenim Credit Bureau upon an official written request from the provider or a corresponding court order. Any other changes are impossible and unlawful.
Who are we at Ishenim Credit Bureau and what do we do?
Ishenim Credit Bureau is a specialized, licensed organization under the supervision of the National Bank of the Kyrgyz Republic, authorized to:
- Collect, process, and store credit information on individuals and legal entities received from information providers such as banks, microfinance institutions, credit unions, pawnshops, and other financial-credit institutions.
- Compile credit histories of individuals and legal entities based on the received information.
- Provide credit reports to creditors upon request, enabling them to assess the creditworthiness of potential borrowers.
- Provide individuals and legal entities with their own credit histories upon request, allowing them to verify the accuracy of their records.
Which law regulates the activities of Ishenim Credit Bureau?
Ishenim Credit Bureau operates under the Law of the Kyrgyz Republic “On the Exchange of Credit Information,” as well as other relevant legislative and regulatory acts of the Kyrgyz Republic, including the Laws “On Personal Data Protection,” “On Banking Secrecy,” and the Regulations on the Activities of Credit Bureaus in the Kyrgyz Republic.
When was Ishenim Credit Bureau established and when did it begin operations?
Ishenim Credit Bureau was established in March 2003 and has continuously and successfully conducted credit information exchange activities for over 20 years. Currently, more than 200 financial-credit institutions in the Kyrgyz Republic supply data to the bureau, and its database holds 2.8 million credit histories for individuals and legal entities.
What is the legal form of ownership and who are the owners of Ishenim Credit Bureau?
Ishenim Credit Bureau is a closed joint-stock company whose shareholders are:
- The Association of Credit Information Users (67% of shares), comprising approximately 30 of the largest financial-credit institutions in the Kyrgyz Republic;
- Creditinfo Group (33% of shares), an internationally recognized credit bureau operator active in over 20 countries.
Why does information about my loans get sent to Ishenim Credit Bureau?
Under the Law of the Kyrgyz Republic “On the Exchange of Credit Information,” information providers–credit institutions–are obliged to submit their credit data to licensed credit bureaus included in the State Register. Thus, supplying data on all issued loans is mandatory. However, both the submission of data to the bureau’s database and any information requests require your consent.
How long is information about my loan retained in the bureau’s database?
Pursuant to the Law of the Kyrgyz Republic “On the Exchange of Credit Information,” Ishenim Credit Bureau must store credit data as follows:
- Positive credit information for 7 years from the date of full repayment;
- Negative credit information for 5 years from the date of full repayment;
- Information from a liquidated information provider for 5 years from the last update;
- Information on non-performance of obligations (overdue debt) due to an emergency state for 3 years from full repayment;
- Pawnshop loan records for 1 year from full repayment.
Thus, data remains in your credit history for 3 to 7 years after repayment, depending on the type of information, while pawnshop loan records are kept for 1 year.
What is the difference between positive and negative credit information?
The Law of the Kyrgyz Republic “On the Exchange of Credit Information” defines positive credit information as records of timely fulfillment of obligations by the borrower, and negative credit information as records of non-performance of obligations (overdue debt) for more than 90 calendar days.
