Today a memorandum of understanding was signed between President of National Bank of Georgia, Giorgi Kadagidze, JSC “Credinfo Georgia” and the authorities of commercial banks over the unified database of credit related information .

The development of the unified database of credit related information will foster an increase in the credit activities, credit accessibility and the transparency of the financial sector in Georgia.

"I am glad that after several months' work the National Bank, Credinfo and Banking sector came to a common decision. The approach to the client related information is completely changed: there will be no more separate, so called “black lists” and a single credit history will be formed about a borrower reflecting the met and forgone liabilities. Protection of the consumers’ rights is our present priority. To have it achieved the National Bank will embark on a number of profound initiatives. The memorandum signed today is a first step in this direction,” President of the National Bank of Georgia, Giorgi   Kadagidze stated.

The memorandum stipulates that:
•  The commercial banks agree that, as a rule, the information in a credit history in “Credinfo” about a subject will not be the reason for the refusal of a credit.
•  The credit history of a borrower will be kept for 7 year. As for the duration for keeping information about forgone liabilities, it was decreased from 7 to 5 years.
•  A subject will have a right to receive information kept in the database about him from a “Credinfo” Georgian Office after submitting the identification card.

Memorandum