Credit Bureau Supervision
The National Bank regulates and supervises the work of credit information bureaus, as stipulated in the amendment to the Organic Law of Georgia on the National Bank of Georgia in 2018.
The Regulation on Providing Information to the Credit Information Bureau on the Territory of Georgia, Registration and Access to Information in the Credit Information Bureau Database was amended in early 2020. The purpose of these amendments was to introduce voluntary consent on verification for marketing offers to the credit bureau and to clarify electronic consent requirements.
A great deal of attention is paid to the accuracy of the data registered in the Credit Information Bureau and the observance of the processing rules. Client complaints are thoroughly studied and responded to accordingly. Both the bureau and the lending entities are regularly inspected as part of the supervisory mandate.
The Credit Information Bureau paid significant attention to raising consumer awareness during the year. A public presentation Consent of a data subject to verify their data with the credit bureau was held in 2020. Commercial banks operating in Georgia offered clients to register with the Credit Information Bureau.