Offices of loan history to operate under new regulations in Moldova

Chisinau, 24 August /MOLDPRES/ – The loan history offices (BIC) will operate according to new regulations, according to more legislative amendments which will be published in the Official Journal of Moldova on 25 August 2017.

According to the law, the BIC is a private legal entity constituted as a limited liability company or joint stock company, registered under the law, which provides, in accordance with the present law, training, processing and retention services of the loan history, and loans’ report presentation, and related services.

According to the realised changes, the list of loan history sources will be expanded for a wider borrower financial profile. At the same time, the period of presentation of information by loan history sources has been reduced from seven to five years.

Similarly, a number of provisions were included in the law to protect consumers' rights and interests, such as the possibility of inserting a message in loan history at the request of the loan history subject, in the event of disagreement with the information included, and an alert message for the theft or loss of identity papers. Also, if the creditor refuses to issue a loan due to negative history, the loan subject will be able to receive a copy of the loan report free of charge.

Also, in order to ensure the transparency of the BIC's activity, it will have the obligation to keep up-to-date/active the website and the telephone line on consumer information.

The purpose of the law is to strengthen the national legal framework for the formation, processing, storage and presentation of information on the compliance by borrowers of obligations gathered through credit agreements by the BIC.

(Reporter A. Ciobanu, editor M. Jantovan)