How can a citizen impose a ban on formalizing a loan in their name?

The President signed a law on "Amendments and additions aimed at further improving relations in the field of credit regarding the law on credit information exchange."

A physical person can prohibit the conclusion of a loan agreement without their participation or knowledge by applying to the credit bureau to prevent such an agreement from being formalized.

An application to prohibit or lift such a prohibition on concluding a loan agreement is submitted in written or electronic form through YAIDXP, state service centers, or credit bureaus. This service is provided free of charge.

The application for prohibition is immediately entered into the register of persons prohibited from concluding loan agreements by the credit bureau.

It is prohibited to conclude a loan agreement without obtaining information from the register of persons prohibited from concluding loan agreements or about the lifting of such a prohibition.

Additionally, amendments are being made regarding measures to influence credit bureaus. The Central Bank applies measures and sanctions for the following violations committed against credit bureaus:

• non-compliance with the requirements of legislative acts regulating credit information exchange and the activities of credit bureaus;
• violation of the rights of consumers of credit bureau services;
• when the fact of obtaining a license using forged documents is established.

When violations are identified, the Central Bank has the right to apply the following measures and sanctions:

• sending instructions to credit bureaus to eliminate violations, including eliminating causes that lead to violations of the rights of consumers of credit bureau services;
• imposing a fine in the amount of 5,000 times the minimum wage.