The National Bank of Georgia made changes to the regulation of the credit information bureau as part of its effort to increase access to finance.

 

The changes were made to bring greater clarity about certain issues. These also address the need to organize/regulate issues related to registration and functioning of the Credit Information Bureau.

 

To promote the development of financial and supervisory technologies, the National Bank of Georgia offers interested parties an opportunity to use a credit information bureau platform and defines requirements and principles for its registration, regulation and supervision.

 

The platform will be an entrepreneurial legal entity that collects, processes and issues credit information. It is important to note that the platform will not store credit information, nor will collect information from lending entities in a mandatory manner. According to the current legislation of Georgia, the platform is authorized to receive credit, non-credit information and/or other relevant data about a person from the credit information bureau. The consent of the person is required to process above mentioned information and to transfer it to a third party.

 

Based on the above, simplified registration requirements were determined for the platform that are different from those for the credit information bureau.

 

The National Bank of Georgia announces the acceptance of applications for those who wishing to register as a platform and reviews the applications of innovative projects, in accordance with the Regulation on Establishment and Use of the Regulatory Laboratory Framework, approved under the Decree of the NBG Governor.

 

Parties interested in the issue are welcome to contact the National Bank of Georgia by e-mail for additional information: innovations.office@nbg.gov.ge.