Webinar held for credit unions on submission of information to Centralized Credit Registry

03-09-2021

3 September 2021, Baku: According to the Law of the Republic of Azerbaijan No.343-VIQD dated 8 June 2021, the Law of the Republic of Azerbaijan on Credit Unions was amended. According to the amendment, information should be shared between the Centralized Credit Registry and credit bureaus and credit unions, and credit unions should provide information on each borrower to at least one credit bureau and the centralized credit registry (CCR) created by the Central Bank of the Republic of Azerbaijan.

Thus, with the amendment to the Law, all credit unions operating in the country will have access to credit information, as well as will be able to more accurately assess creditworthiness of borrowers and more effectively organize decision-making.

In view of the above, as well as to more effectively organize the process of submitting information on borrowers to the CCR by credit unions, the Central Bank held an educational webinar titled ‘Rules for submission of information to the CCR’ on 2 September 2021 with the participation of representatives of all credit unions in the country. Taking into account that the Law of the Republic of Azerbaijan on credit bureaus regulates the procedure for submitting and obtaining information on borrowers by credit unions to the credit bureau, participants were detailed on the requirements of the legislation with respect to the said process followed by Q&A session on information sharing.

The Central Bank always keeps in focus the issues of sound lending and responsible borrowing in credit institutions, creation of a favorable regulatory framework for loan information sharing and formation of sound components in private credit reporting, strengthening risk management policies and decision-making processes in credit institutions and will held similar events in future as well.