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Law on Credit Bureaus

The Law On Credit Bureaus and the Formation of Credit Histories in the Republic of Kazakhstan (hereinafter referred to as the Law on Credit Bureau) was developed by the National Bank of the Republic of Kazakhstan in accordance with clause 27 of the Plan of Legislative Works of the Government of the Republic of Kazakhstan for 2003 approved by the Decree of the Government of the Republic of Kazakhstan dated February 3, 2003 N 117.

In addition, the need for its development is provided for in paragraph 12 of the Action to implement the tasks arising from the speech of the President of the Republic of Kazakhstan at the III Congress of Kazakhstan financiers on February 14, 2003, approved by the Head of the Administration of the President of the Republic of Kazakhstan on February 26, 2003.

The law on Credit Bureaus is aimed, first of all, on solving the accumulated problems of credit financing of the real sector.

Adoption of the Law on Credit Bureaus allowed to reduce the administrative costs of banks related to the clarification of data on borrowers and, accordingly, bank interest rates on loans, will promote active development of entrepreneurship in the republic, increase the investment attractiveness of Kazakhstan.

In particular, the Law on Credit Bureaus provides for the solution of the following problems of entrepreneurship:

  • objective formation of credit histories of borrowers, with mandatory participation in this work of all second-tier banks and other organizations listed in the Law on Credit Bureaus;
  • increase of transparency and reliability in the relations of creditors and borrowers by creating a complete information base on borrowers available to second-tier banks and other creditors;
  • assistance to second-tier banks and other organizations in the timely detection and reduction of their risks when working with clients.

It seems that the adoption of the Law on Credit Bureaus significantly increased the responsibility of the parties of loan transactions and financial discipline in the credit services market as a whole.

Деятельность кредитных бюро подлежит регулированию (надзору) со стороны уполномоченного органа, что обеспечивает необходимую защиту прав и законных интересов граждан и организаций в рассматриваемой сфере.

Formation of the base of credit histories is carried out on the basis of electronic technologies, which will increase the efficiency of the presentation, processing and issuance of credit information. Currently, second-tier banks and organizations that carry out certain types of banking operations have the necessary computer equipment and electronic communication systems.

Кредитные бюро, помимо основной деятельности по выдаче кредитных отчетов, вправе предоставлять дополнительные виды услуг, перечень которых строго определен названным Законом о КБ.

In addition to the above-mentioned financial institutions, commercial organizations that provide credit services can participate in the credit bureau system, under compulsory condition that they provide the necessary information to the credit bureau as information providers.

Государственная корпорация «Правительство для граждан», осуществляющая государственную регистрацию прав на недвижимое имущество, представляет информацию в кредитные бюро на добровольной основе.

Data on the Subjects of credit histories may be sent by second-tier banks and other information providers to credit bureaus only if there is a consent on this of the subjects of credit histories.

The credit bureau has the right to specify the completeness of the information provided, to determine the requirements for the structure and form of electronic files, without distorting the content of the information received. An obligatory condition for access to the credit history database is the preliminary registration of the relevant organizations in the credit bureau as the recipients of the credit report. It is mandatory to take into account each fact of applying to the credit bureau and the right of the credit bureau to adopt internal documents on its activities.

The transfer by the credit bureau of information to persons not specified in the Law on Credit Bureau is prohibited.

Control over the state registration, standardization, certification of equipment and electronic software of credit bureaus is assigned to the state body implementing state policy and state regulation in the field of informational support.

When preparing the Law on Credit Bureaus, the experience of a number of economically developed countries (the USA, Canada, etc.) for creating credit bureaus was taken into account.

The FCB is a commercial organization, a subject of private entrepreneurship, the main activity of which is the formation of credit histories, the provision of credit reports. All the indicated signs of the FCB stipulate the following legal framework applicable to the FCB, this is:

Also, the activities of the FCB are regulated by a number of subordinate RLA of the RK, directly related to credit bureaus, this is:

All the above mentioned RLA of the RK can be divided into two main groups.

The first group consists of general plan RLA of the RK, which regulate the activities of not only credit bureaus, but also the activities of other participants in civil circulation. The Civil Code of the Republic of Kazakhstan, the Law on Private Entrepreneurship and the Law on Partnerships may be included in this group of the above-mentioned RLA of the RK. These regulatory acts are applied / related to the FCB, with regard to the relationship of the FCB with its counterparties, clients, and government agencies; internal organizational structure of the FCB (bodies, their election, powers) the relationship of the FCB participants with each other, etc.

Вторую группу НПА РК составляют узкоотраслевые НПА РК, куда отнесены акты, непосредственно касающиеся деятельности кредитных бюро, это Закон о КБ и подзаконные акты НБ РК.

Thus, the Law on Credit Bureaus determines the legal, economic and organizational basis for the formation of credit histories in the Republic of Kazakhstan, the legal status of participants in the system for the formation of credit histories and their use, regulates public relations related to the establishment, implementation and termination of credit bureaus activities, specific aspects of state regulation, control and supervision in this field. This legislative act defines suppliers and recipients of credit reports, their rights and obligations, mandatory conditions of the agreement concluded with suppliers and recipients of credit reports.

Подведомственные акты регламентируют порядок и правила разрешительных процедур кредитных бюро, организации информационного процесса в деятельности участников системы формирования кредитных историй и их использования, регламентируют порядок формирования системы безопасности, установления минимальных требований к их электронному оборудованию, сохранности базы данных кредитных историй, регламентирует особенности организации деятельности поставщиков информации, кредитных бюро и получателей кредитных отчетов на рынке информационных услуг и пр.

Information Providers

За период своей непосредственной деятельности, системой ПКБ охвачено более 250-ти финансовых организаций Казахстана, среди которых все банки второго уровня, ипотечные, микрофинансовые, лизинговые, коллекторские организации, институты развития, которые на данный момент являются как поставщиками, так и получателями информации.

The information providers are:

  • Банки, организации, осуществляющие отдельные виды банковских операций, микрофинансовые организации, коллекторские агенства;
  • Individual entrepreneurs and legal entities that sell goods and services on credit or provide deferrals of payments, the systematized characteristics of which are determined by the Government of the Republic of Kazakhstan (currently such persons are IE and legal entities that carry out the following types of services:
    • provision of housing and utility services (electricity, gas and water supply, heating, sewerage);
    • provision of telephone services;
    • provision of mobile cellular operators services;
    • provision of services for the use of a television cable network.
  • Государственная корпорация «Правительство для граждан», осуществляющая государственную регистрацию прав на недвижимое имущество;
  • Субъекты естественной монополии, оказывающие коммунальные услуги;
  • Иные лица на основании договоров о предоставлении информации

Поставщики информации, указанные в пунктах 1), 2), 3-1) и 4) не вправе передавать информацию в кредитное бюро без письменного согласия субъекта кредитной истории на представление сведений о нем в кредитные бюро.

ПКБ собирает и хранит информацию в Базе данных от поставщиков информации, подписавших соответствующий договор и предоставляющих информацию о субъектах кредитных историй для формирования кредитных историй. Согласно Закону о КБ поставщики информации предоставляют информацию о своих должниках (субъектах кредитных историй) в кредитные бюро в соответствии с требованиями законодательства.

The number of organizations interested in working with the FCB has a steady tendency to increase, by virtue of valuable information contained in the Database, formed according to the best international practice standards. Also, considerable interest in cooperation with the FCB is observed as well from non-resident companies and credit bureaus of other countries.

Recipients of credit reports

Recipients of credit reports are:

  • Банки, организации, осуществляющие отдельные виды банковских операций, микрофинансовые организации, коллекторские агентства;
  • Индивидуальные предприниматели и юридические лица, реализующие товары и услуги в кредит либо предоставляющие отсрочки платежей, систематизированные признаки которых определяются Правительством Республики Казахстан. В настоящее время такими лицами признаются ИП и юридические лица, осуществляющие следующие виды услуг:
    • provision of housing and utility services (electricity, gas and water supply, heating, sewerage);
    • provision of telephone services;
    • provision of mobile cellular operators services;
    • provision of services for the use of a television cable network.
  • Иные лица на основании договоров о получении информации;
  • Субъект кредитной истории, являющийся должником получателей кредитных отчетов и имеющий право получать кредитный отчет только о себе;
  • Лицо, в пользу которого выдана банковская гарантия или поручительство;
  • Представитель держателей облигаций в отношении кредитного отчета эмитента облигаций, с которым заключен договор о представлении интересов держателей облигаций;
  • Уполномоченный орган (Национальный банк РК).

The recipients of credit reports specified in clauses 1), 2), 3) are not entitled to receive a credit report without the written consent of the subject of credit history to receive a credit report on him.

It is not allowed to provide credit reports to other persons.

In accordance with the Law on CB, any individual / legal entity (subject of the credit history) is entitled to receive one credit report on himself free of charge within one calendar year.

The FCB collects and stores information in the Database, access to which is open to all creditors who have signed the relevant agreement, and who is providing information on subjects of credit histories for the formation of credit histories. According to the Law on CB, second-tier banks, as well as other organizations carrying out certain types of banking operations, are obliged to provide information on their debtors (the subjects of the credit histories) to credit bureaus. Any organization that has concluded an agreement with the FCB may get the access to the information on the credit history of legal entities and individuals.

In accordance with the Law on CB, any individual / legal entity (subject of the credit history) is entitled to receive one credit report on himself free of charge within one calendar year.

First Credit Bureau LLP is not liable for late updating of information related to regulatory legal acts of the Republic of Kazakhstan placed on this page. We draw your attention to the fact that these regulatory legal acts may not be relevant at the time of your reviewing, in connection with that, we recommend you to refer to primary sources.