Central Bank criticized the idea of access to credit histories without the consent of the citizens

The Bank of Russia has criticized the proposal of the Russian banks on vesting their right to request the credit history of citizens without their prior consent.

As explained by the regulator , this approach may violate the legal rights of the borrower. “Information on the preparation of amendments to the law on credit histories, providing for the abolition of consent to obtain credit report untrue, since such an approach would violate the rights of the subject of credit history”, — noted in the Bank of Russia.

To obtain the permission of the citizen in obtaining access to the credit history required by Federal law “On credit histories”, namely part 9 of article 6 and paragraph 7 of article 3, we are reminded by the Central Bank.

As reported on Monday, 12 September, “Kommersant” the banking community under the auspices of the Association “Russia” has addressed in the Central Bank with a proposal to adjust the law. In particular, they proposed to do once given, consent to the request in the KJV is the indefinite (now it is valid for two months from receipt or until the end of the loan in case of issue) and to abolish the need for obtaining consent to request a credit history for those citizens, who are already with the Bank in certain contractual relations (i.e. are in client database).

The publication reported that the Central Bank may consider such an option if bankers give strong arguments. As explained “Kommersant” Deputy Chairman of the Bank of Russia Mikhail Sukhov, to a large extent the consent of the borrower has become a formality as the banks still at refusal of the client to the request to the CRA credit will not be given.