The National Bank of Georgia is pleased to offer interested persons an opportunity to function as a platform with the Credit Information Bureau, as part of its effort to promote the development of Fintech.

 

Pertinent amendments have already been made to the Regulation on Providing Information to the Credit Information Bureau in the territory of Georgia, Recording it in the Database of the Credit Information Bureau and Making it Available.

 

The main goal of the amendments made is to upgrade the current framework. The limit, of sum of initial amounts of current liabilities to be provided to the Credit Information Bureau is now increased from GEL 3 million to GEL 10 million. This will help lending entities to get more accurate and detailed information about clients before making decisions. This in turn will make it easier for potential borrowers to work with lending entities.

 

The amendments set the amount of the minimum threshold of the unsanctioned liability. If these are available, a lending entity has the right not to provide information to the Credit Information Bureau. To be more specific, a lending entity is entitled not to inform the Credit Information Bureau about a person’s unsanctioned liability of GEL 100 (one hundred). In addition, requirements for consents to be accepted in electronic form were made clear.

 

An important part of the amendments is the establishment of certain requirements to set up a common base for remittances. Lending entities are obliged to inform the Credit Information Bureau on the remittances cashed with them. The Credit Information Bureau, in turn, will be obliged to record the information about the remittances cashed in independent report, which is not part of credit report and requires independent consent from customer.  Only regulated entities can have access on this report. This change will make it easier for users to share appropriate personal data as needed.

 

Finally, the amendments provide greater clarity about a number of issues identified in practice and elaboration on some requirements. These include authorized employees of the Credit Information Bureau having an access to information in databases and investigation of consumer claims.